Dogecoin (DOGE), the seventh-largest cryptocurrency by market capitalization, has experienced a notable surge, skyrocketing from $𝟎.𝟏𝟓 𝐭𝐨 $𝟎.𝟒𝟑 in just a few days, reaching its highest price point in over three years. Earlier this month, 𝐃𝐎𝐆𝐄 𝐩𝐞𝐚𝐤𝐞𝐝 𝐚𝐭 $𝟎.𝟒𝟕𝟔𝟏, adding to the optimism as the market appeared primed for further gains. This surge sparked increased confidence among traders, particularly those who took long positions in the asset. However, despite this rally, $DOGE has faced price fluctuations and struggled to recover after falling below $0.3780, with its price oscillating between $0.34 and $0.44 in recent weeks.
The excitement surrounding Dogecoin’s recent rally was further amplified by a mention of “#DOGE ” by the Department of Government Efficiency, which briefly ignited the market’s enthusiasm. However, after 𝐫𝐞𝐚𝐜𝐡𝐢𝐧𝐠 𝐚 𝐡𝐢𝐠𝐡 𝐨𝐟 $𝟎.𝟒𝟒 𝐨𝐧 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟏𝟐, DOGE underwent a sharp correction, dropping by 22% to $0.34. Since then, the price has been consolidating within this range, as bullish momentum appears to have slowed.
Regarding legal developments, the 2022 class-action lawsuit accusing #ElonMusk and #Tesla of manipulating Dogecoin’s price has been officially withdrawn. This lawsuit, which originally sought $258 billion in damages, alleged that Musk and Tesla were involved in a "𝐜𝐫𝐲𝐩𝐭𝐨 𝐩𝐲𝐫𝐚𝐦𝐢𝐝 𝐬𝐜𝐡𝐞𝐦𝐞" 𝐚𝐢𝐦𝐞𝐝 𝐚𝐭 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐧𝐠 𝐃𝐎𝐆𝐄’𝐬 𝐯𝐚𝐥𝐮𝐞. As of November 14, 2024, the plaintiffs agreed to dismiss their appeal and waive any future claims, pending formal approval from U.S. 𝐃𝐢𝐬𝐭𝐫𝐢𝐜𝐭 𝐉𝐮𝐝𝐠𝐞 𝐀𝐥𝐯𝐢𝐧 𝐊. 𝐇𝐞𝐥𝐥𝐞𝐫𝐬𝐭𝐞𝐢𝐧.
👀Looking ahead, Dogecoin’s 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐠𝐨𝐚𝐥 𝐫𝐞𝐦𝐚𝐢𝐧𝐬 𝐭𝐡𝐞 $𝟏 𝐦𝐚𝐫𝐤, with analysts predicting that the cryptocurrency will achieve this milestone in 2025. Galaxy Research, 𝐥𝐞𝐝 𝐛𝐲 𝐌𝐢𝐤𝐞 𝐍𝐨𝐯𝐨𝐠𝐫𝐚𝐭𝐳, anticipates that Dogecoin’s association with Elon Musk’s Department of Government Efficiency (D.O.G.E) will drive further growth. Moreover, as speculation rises around potential crypto #ETFs , there are increasing expectations that a Dogecoin ETF could be filed soon, further boosting its prospects. Technically, DOGE has been showing signs of bullish momentum, with a golden cross formation—when the 50-day moving average crosses above the 200-day moving average—indicating the potential for sustained upward movement. However, recent analysis also suggests that DOGE may be oversold, with its price below the lower Bollinger Band, potentially setting the stage for a price correction or rebound. Despite challenges, technical analysts like Peter Brandt are optimistic, noting that Dogecoin’s adherence to classical chart patterns points to the possibility of continued growth.
