Dogecoin (DOGE) Soars on Trump's Victory: Can $1 Target Be Realized?$DOGE
The world’s largest meme coin, Dogecoin ($DOGE), has seen a significant surge following the election of crypto-phile Donald Trump as the 47th president of the United States. Dogecoin has gained 9% in the past 24 hours to $0.1927. It is also up 16.1% in the past seven days. A large portion of these gains appear to be related to Trump’s victory.
Trump’s victory in the presidential election has brought renewed interest to meme coins like Dogecoin. Given Tesla CEO Elon Musk’s continued support for Dogecoin and his efforts to elevate the cryptocurrency through market manipulation, DOGE’s current surge is not surprising. Musk is also one of the key figures supporting Trump’s crypto-friendly policies.
Bitcoin and Dogecoin on the Rise$BTC
Meanwhile, Bitcoin ($BTC) also broke new records earlier in the day, reaching $75,358.70. Bitcoin has gained 5.9% in the last 24 hours and is up 3.4% in a week. With this performance, Bitcoin has reached a market cap of $1.5 trillion, making it 112% more valuable than a year ago. However, Dogecoin is outperforming Bitcoin with a 160% increase on an annual basis.
Is $10 Possible For Dogecoin?
Today’s rally shows the potential of Dogecoin and other meme coins. Other meme coins like Pepe ($PEPE), DogWifHat ($WIF), Bonk ($BONK), and Popcat ($POPCAT) have also gained similar amounts. Dogecoin’s “Doge army” has been waiting for the coin to reach $1 for a long time. Dogecoin rose to $0.73 on May 1, 2021, and is currently trading 73% below the $0.73 level.
Therefore, $1 for Dogecoin could be a significant milestone on the way to $10. However, if Trump imposes favorable regulations on the crypto sector, Dogecoin and other cryptocurrencies could see a broader rally.
Can Dogecoin's Rise Be Sustained?
Dogecoin’s current performance suggests that meme coins are likely to make big gains. However, Dogecoin’s Relative Strength Index (RSI) of 75 is currently in overbought territory, suggesting that the bullish momentum could wane if investors take profits or sell.
In the coming months, the recovery in the crypto market as a whole could support Dogecoin’s rise, but it is important for investors to be careful and consider the risks associated with assets entering overbought territory.