Dogecoin (DOGE) has seen quite a significant increase in the past few days. This popular memecoin rose by 4.5% on the daily chart, by 28.8% on the 14-day chart, by 16.9% compared to last month, and by 110.5% since late October 2023.
Dogecoin's trading volume has increased by 95%, which will be a huge advancement for this meme coin, and Dogecoin is now poised for a significant breakout. In fact, the token successfully kicked off its potential breakout that could last for weeks in the last week of October.
In the past few weeks, cryptocurrency has risen again due to Elon Musk. The CEO of Tesla promised to serve in the Donald Trump administration unless the former president wins re-election this November, which once again pushed the price of the leading meme token up.
DOGE's trading volume surged on Monday, with an increase of 6%.
Earlier this year, Dogecoin unexpectedly surged due to Elon Musk's appearance. In fact, the billionaire has been seeking a position in the U.S. government. Specifically, to lead a new department aimed at ensuring government spending remains at acceptable levels. The department will be named the Department of Government Efficiency, abbreviated as DOGE.
Now, he has once again pushed the price of the asset up. In fact, Dogecoin's trading volume has soared by 95%, as Dogecoin has been surging at the beginning of this week. According to CoinMarketCap data, it has risen by over 6% in the past 24 hours. Moreover, this is further growth on the basis of an 18% increase over the past 30 days.
Now, everyone is watching whether the token can leverage the recent surge to achieve the most sustainable rebound. The asset is expected to retest the crucial $0.20 price level. This will largely determine where DOGE might head by the end of 2024.
The entire cryptocurrency market has experienced some bullish sentiment. This is clearly a good thing for the assets occupying the top of the meme coin market. Moreover, if Donald Trump wins the 2024 election, his return to the White House should see the price of Dogecoin soar exponentially. He has promised Musk a position, and his influence over the asset is undeniable.
