Dogecoin (DOGE) is currently the best-performing cryptocurrency among the top 100 projects by market cap. The original memecoin has rallied by 4.5% in the last 24 hours, 23.9% in the weekly charts, 43.6% in the 14-day charts, 40.2% in the monthly charts, and 151.2% since late October 2023.
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Why Is Dogecoin Rallying?
DOGE’s latest rally comes amid Bitcoin’s (BTC) climb to the $72,000 price point, a level last seen in March of this year, about seven months ago. BTC is currently only 2.1% away from its all-time high of $73,737.94.
Dogecoin (DOGE) began its upward trajectory after Elon Musk expressed his desire to establish a Department of Government Efficiency (D.O.G.E.) under the Donald Trump administration if he wins the upcoming election.
Investors and market participants may anticipate a Trump victory and taking positions, with DOGE being a top choice. Many analysts predict a market-wide rally if Trump takes charge of the Oval Office.
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Will The Memecion Hit A New All-Time High?
While BTC is only 2.1% away from its all-time high, DOGE is down by 76.3% from its peak of $0.7316, achieved in May 2021, over three years ago.
According to CoinCodex, DOGE may face a correction over the next few weeks. The platform anticipates the asset’s price to dip to $0.148897 on Nov. 16, 2024. A dip of about 13.63% from current price levels would result.
Over the next few weeks, changelly analysts present an even more bearish outlook for Dogecoin (DOGE). The platform predicts DOGE will dip to around $0.10 by Nov. 10, 2024. Dipping to $0.10 from current price levels will entail a fall of about 41.18%.
There is a possibility that Dogecoin (DOGE) will continue its upward momentum over the next few weeks, as predicted by CoinCodex and Changelly.
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If Donald Trump wins the US Presidential election, DOGE may surge to new highs, given that Elon Musk is one of DOGE’s most significant supporters and one of Trump’s biggest donors.