Last week, Dogecoin (DOGE) saw a significant increase following Donald Trump's election victory, becoming one of the top-performing cryptocurrencies with a remarkable 92% increase over the week. This rally pushed DOGE's market capitalization to $42.3 billion, surpassing both XRP and USDC and elevating it to the sixth position. Daily trading volume also surged by 220%, exceeding $16.8 billion.
Is Dogecoin on the verge of a strong rally?
Cryptocurrency market analysts suggest that a strong upward move could be imminent for Dogecoin. Analyst Ali Martinez emphasizes that DOGE could experience a significant rally, with Fibonacci projections indicating potential peaks ranging from $3.95 to $23.26.
According to Coinglass, DOGE has experienced over $64 million in liquidations in the past 24 hours, with $36 million in short liquidations and $27.64 million in long liquidations. Open interest for DOGE has also increased by 20%, reaching $2.23 billion, reflecting heightened market activity and investor interest.
The Memecoin sector is thriving with Dogecoin at the forefront.
Dogecoin's rally has invigorated the meme coin sector, which has seen significant growth over the past week. For instance, Shiba Inu (SHIB) surged by 20% in the last 24 hours and recorded a 57% increase over the week. Other popular meme coins like Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK) have also seen increases ranging from 12% to 25% in the past day, with PEPE aiming for a 200% increase.
Following Trump's victory, the total cryptocurrency market capitalization surged by $400 billion as Dogecoin recorded a 92% increase. Bitcoin rose by 17.9%, Ethereum by 29%, and Solana by 27%, bringing the total market value to $2.75 trillion. This recent surge reinforces the strength of the cryptocurrency market, with analysts increasingly confident in Bitcoin's $100,000 price target.