Many traders trading meme tokens are concerned about the question of how much Dogecoin ($DOGE ) will rise in price due to the "Mask effect".
On November 13, newly elected US President #donaldtrump announced that #ElonMusk. and businessman Vivek Ramaswamy will head the Department for Improving Government Efficiency, which will be abbreviated as D.O.G.E. As a rule, mentioning Dogecoin in the context of Musk causes a pump in the coin market, for which Ilona was jokingly nicknamed the Father of Dogecoin. There is an opinion that the cryptocurrency exchange rate will rise significantly when the department, which will be headed by Elon, will often flash in the news.
Trump's election victory triggered the start of a powerful bullish rally in the Dogecoin market, during which the digital asset has already risen in price by 165%. However, on November 12, after reaching a peak at $ 0.44 on the Coinbase exchange, the price of the cryptocurrency began to adjust and fell to $ 0.37. The downward movement has not stopped, even despite the appointment of Musk as head of the D.O.G.E.
The Dogecoin rate did not grow at the expense of speculators. According to Santiment employees, over the past four weeks, the number of crypto wallets storing less than 100,000 DOGE worth $ 37,800 at the current exchange rate has increased by 74,885, while the number of crypto vaults under the control of whales and sharks, on the contrary, has decreased by 350. Given these facts, it can be assumed that Dogecoin became more expensive due to capital inflows from private investors.
If people continue to actively invest in DOGE, then the bullish trend in the cryptocurrency market will resume, and its value will update the historical maximum reached in June 2021 at $0.487.
Most likely, the dynamics of the Dogecoin exchange rate will correspond to fluctuations in the bitcoin price. In this case, the value of the coin can be adjusted to the upward trend line, which runs around $ 0.27. Starting from this barrier, the price of the token will rush up and reach at least $0.62, the mark at which the Fibonacci extension level of 1.272 from the previous price maximum is located.
