Elon Musk's Support! Dogecoin Soars 235%, Is It About to Break $1?
Recently, Dogecoin (DOGE) has been incredibly popular in the cryptocurrency world. In just one month, the price has increased by 235.6%, with a daily rise of 26.2% and a weekly increase of 128.3%. What's going on behind this?
On November 12, meme coin tycoon Murad stated that DOGE's market value increased by $30 billion in just one day, signaling the arrival of a meme supercycle, and it’s expected to keep skyrocketing!
Dogecoin surged for four consecutive days, increasing by 54% in just 24 hours, leading everyone to ponder whether it can reach $1.
On Tuesday morning, DOGE broke past $0.41, marking the first time since May 2021 that it almost touched the historical peak of $0.7. In the past week, this coin has earned investors over 150%, doubling in value over the course of a month. Short sellers have lost over $68 million, and the open contracts are nearing this month's record high.
Musk mentioned wanting to create a 'Department of Government Efficiency' (abbreviated DOGE) to improve government spending efficiency, which led traders, media, and KOLs to keep an eye on Dogecoin. Now, everyone is focused on the $1 target, especially since the price has been anticipated since Dogecoin surpassed $0.7 in 2021.
$1, that number sounds festive, and the cryptocurrency enthusiasts are convinced!
Dogecoin has transformed from a 'joke coin' to the sixth largest cryptocurrency by market value, now approaching $61 billion. This change is attributed to the recent market enthusiasm.
Trump's election was also one of the contributors to Dogecoin's price increase. As soon as he won, market sentiment surged, Bitcoin hit new highs, and Dogecoin benefited from the momentum.
Musk, a die-hard Dogecoin fan and Trump supporter, has the power to move prices with every mention of Dogecoin on social media.
Is the $1 threshold not far off?
Dogecoin has been on the rise, and everyone is guessing whether it can break $1. Some analysts say that if Trump continues to engage in government affairs, Dogecoin could break $1 this week.
However, investors also need to be cautious. The cryptocurrency market is highly volatile, and overnight riches or bankruptcies are common occurrences. While it's great to make money, one must also guard against risks.
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