Dogecoin’s recent trend has been outstanding, attracting attention from all walks of life
In the cryptocurrency market, Dogecoin ($DOGE) has performed very well recently, changing the past stereotype of being a toy. Data shows that the price of Dogecoin has surged from $0.1105 to $0.4359 per coin in the past month, an increase of more than 200%. According to data from CoinGecko, the market value of Dogecoin has increased significantly from US$16.43 billion to US$57.18 billion, surpassing Ripple (XRP) and the stable currency $USDC in one fell swoop, becoming the sixth largest cryptocurrency by market value. Although it is currently affected by market selling pressure and has fallen from its high to $0.3903, a drop of approximately 10.46%, the overall trend still maintains a strong performance. This wave of gains is mainly driven by investors’ expectations for the policies of the Trump camp and the market’s overall optimism about cryptocurrencies.
Source: CoinGecko Dogecoin ($DOGE) has jumped to the sixth largest cryptocurrency
Bloomberg executives provide in-depth analysis of the advantages of Dogecoin
Michael P. Regan, head of Bloomberg’s cryptocurrency global team, recently expressed his opinion on the show, pointing out that Dogecoin is not just a virtual currency derived from Internet memes. He analyzed the advantages of Dogecoin from multiple levels:
First of all, in terms of payment function, Dogecoin has transaction fees that are much lower than Bitcoin. This feature makes it an ideal choice for cross-border payments. Especially in emerging markets, for example, Venezuelan expatriates often use Dogecoin as a channel to remit money back to their home countries, significantly saving on handling fees.
Secondly, at the commercial application level, more and more merchants have begun to accept Dogecoin payment. For example, well-known merchants such as Williamsburg Pizza in New York have developed payment systems that support Dogecoin, showing that its practicality is gradually increasing. In addition, Regan specifically pointed out that Dogecoin is more volatile than Bitcoin. This characteristic allows Dogecoin to often create more significant gains when the overall cryptocurrency market rises, just like some stocks. When the S&P 500 Index rises slightly, it will generally rise more substantially.
The Trump camp launches "DOGE" themed clothes, and the Musk effect makes waves again
Among this wave of gains, the most eye-catching thing is the series of actions by the Trump camp. Recently, the Trump team launched a unique DOGE T-shirt on its official campaign website, priced at $28. The T-shirt’s clever design incorporates a futuristic Mars orange background, images of Trump and Musk, and Dogecoin’s iconic mascot, the Shiba Inu. The launch of this product is not simply a campaign peripheral, but is closely related to Trump’s latest policy propositions.
Source: Trump camp campaign website The Trump camp launched a “DOGE” themed T-shirt priced at $28
The Trump campaign has announced that it will establish the Department of Government Efficiency (DOGE) if it returns to the White House, and has appointed technology billionaires Elon Musk and Vivek Ramaswamy. Hold important positions in the department. As soon as this news came out, it immediately triggered an enthusiastic response in the market, and the single-day trading volume of Dogecoin once soared to an astonishing level of US$47 billion.
It is worth noting that Musk has supported Dogecoin on social platforms many times in the past. According to statistics, between May and November 2021 alone, he published 30 Dogecoin-related posts on 22 different days. Whenever Musk mentions Dogecoin on social media, it can trigger significant price fluctuations, reaching a record high of a single increase of 32%. He even once changed the logo of Twitter (now renamed X) to the Shiba Inu pattern of Dogecoin, once again proving his huge influence on the trend of Dogecoin.
Source: X Musk has mentioned “DOGE” in many posts on X
As we all know, Dogecoin investors have also sued Musk, accusing him of carefully planning these "publicity stunts" to make profits, and accusing him of "cutting leeks" in this way. However, the lawsuit was dismissed by the court at the end of August. The judge said: "You believe it when he brags in articles?"
Market prospects attract much attention, experts call for risk prevention
Although Dogecoin has not yet reached a record high, market investors are generally optimistic about its future development under the Trump team's policy vision and Musk's continued influence. Expert analysts believe that Dogecoin’s practicality, low transaction costs, and strong support network in the political and business circles may become key factors in driving its value to continue to rise.
However, market participants also reminded investors that they need to pay careful attention to related risks. Since the price fluctuations of Dogecoin are often more severe than those of other mainstream cryptocurrencies, investors must fully assess their risk tolerance when making investment decisions. At the same time, there are still many uncertainties in the overall regulatory environment of the cryptocurrency market, and these factors may have an impact on the future development of Dogecoin.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
"The Dogecoin community is moving!" Trump launches DOGE clothes, and even Bloomberg executives are optimistic about the market outlook. This article was first published in "CryptoCity"
