Dogecoin (DOGE) witnessed an incredible run over the last few days. The original memecoin is up by 76.4% in the weekly charts, 107.9% in the 14-day charts, 223.1% in the monthly charts, and 374.4% since November 2023. Despite the rally, DOGE’s price has dipped 7.8% in the last 24 hours.
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Why Is Dogecoin Rallying?
DOGE’s rally is likely due to Donald Trump winning the US Presidential election. Trump’s victory triggered a market-wide rally that pushed Bitcoin (BTC) to a new all-time high. BTC going up has likely led to many assets rallying.
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Trump’s support from Elon Musk may have further helped DOGE’s upward momentum. Musk has proposed the creation of a Department of Government Efficiency (D.O.G.E.) under Trump’s leadership.
The Memecoin To Hit $2.40
According to prominent cryptocurrency analyst Ali Martinez, DOGE could rise to $2.40 or $18. Hitting $2.40 will translate to a rally of about 566% from current levels. On the other hand, hitting $18 will lead to a rise of about 4900% from current price levels. While the forecast is quite bullish, it is unclear if the memecoin will hit the projected levels.
According to Changelly, Dogecoin (DOGE) will not hit the $2.40 mark till at least May 2032, about eight years from now. The platform anticipates the memecoin to hit the $18 mark sometime in February 2040, about 16 years from now.
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There is a possibility that DOGE will continue its upward momentum during Trump’s tenure as President. Musk’s proximity to the White House may lead to investors betting heavily on the memecoin. We may witness DOGE finally breach the $1 mark very soon.