DOGE has gained slightly by 0.1% over the past 24 hours, holding at $0.1702 while the overall crypto market is down 2% today.
The meme token is now up 21% in a week and 44% in a year, with the performance boosted by Elon Musk's relationship with Donald Trump's increasingly promising presidential campaign.
The possibility of Trump appointing Musk to head a government efficiency commission has raised hopes that DOGE could directly benefit from a Republican victory next week.
Dogecoin's active users and network activity have surged on such hopes, with the meme token benefiting more than most other coins from the positivity surrounding Trump's prospects.
DOGE Sees Spike in Users – Is a Bull Run Beginning?
The past few weeks have seen a significant increase in the number of active DOGE addresses, with BitInfoCharts data showing an increase from around 40,000 per day in late September to a peak of around 80,000 at various points in October.
However, as the chart above makes clear, this recent high doesn't really compare to the price Dogecoin reached late last year and in February and March, when the coin's price increased by more than 100%.
This discrepancy is interesting because it suggests that the more recent surge originated from a smaller, more concentrated group of traders who may have been trying to pump and dump the meme token.
Whales have certainly taken an interest in DOGE in recent days, as one major trader bought over $16 million worth of the meme coin on Robinhood yesterday.
As mentioned above, Dogecoin is riding on its association with Elon Musk, who could head a commission on government efficiency, if Trump wins next week.
Musk has seized the opportunity to link, however tenuously, this supposed committee to Dogecoin through a number of tweets and in public appearances.
This has boosted the price of DOGE, which is likely to continue rising ahead of next week's elections, which take place on Tuesday.
Today's Dogecoin chart shows that, after a brief correction today, the meme token is set to rebound over the weekend.
This is what its relative strength index (purple) is signaling, as it dipped below 50 today but remains in a medium-term bullish phase.
So we could see DOGE hit $0.175 on election day, with Trump potentially pushing the price to $0.25 by the end of November.