The cryptocurrency market is reeling from the impact of last week's U.S. election, particularly the anticipated yet surprising victory of Donald Trump. One of the cryptocurrencies that has experienced a significant shift is Dogecoin, the largest meme coin by market capitalization. Earlier this week, Dogecoin soared over 92%.
This staggering increase has propelled DOGE to become the sixth largest cryptocurrency, surpassing XRP and USDC. At the time of writing, DOGE is trading at $0.2908, achieving increases of 23.78% and 84.73% over the past 24 hours and the past month, respectively. Furthermore, this digital asset has recorded a 159.32% increase over the past month.
Moreover, its market capitalization has risen to $42.59 billion. Delving deeper into other metrics, Dogecoin's daily trading volume has also surged significantly by 220%, reaching $16.8 billion. Notably, Dogecoin has recorded one of the strongest performances in recent history.
Notably, a market analyst utilized platform X to highlight the historical chart pattern of the token. The analyst suggested that Dogecoin's pattern indicates the potential for DOGE to experience a significant price surge. According to Martinez, Dogecoin could peak within the Fibonacci range of 1.618 to 2.272, placing its price target between $3.95 and $23.26 if the bullish momentum continues.
On the other hand, Coinglass's liquidation data has provided further insights into Dogecoin's recent price surge. In the past 24 hours, DOGE liquidations have exceeded $64 million, with short liquidations accounting for $36 million and long liquidations for $27.64 million. Furthermore, open interest in Dogecoin futures has increased by 20%, surpassing $2.23 billion.
Trump's victory in the election has revitalized the entire cryptocurrency market brilliantly. Notably, following the victory of the cryptocurrency-supporting president, the overall cryptocurrency market capitalization surged to an impressive $400 billion. Remarkably, Dogecoin led the increase among the top coins with large market capitalization.
On a larger scale, Bitcoin has risen 17.9%, Ethereum increased 29%, and Solana rose 27%, bringing the total cryptocurrency market capitalization to $2.75 trillion, just slightly below the peak level of $2.76 trillion in March 2024. At the time of writing, Bitcoin is trading at $82,071.95, marking increases of 3.13% and 19.40% over the past 24 hours and the past week, respectively. As Bitcoin approaches its all-time high of $81,843, market analysts are speculating about a potential target of $100,000.
The success of Bitcoin has sparked a successful bull run, breathing new life into the cryptocurrency space. At the time of writing, SHIB is trading at $0.00002597, marking increases of 13.71% and 52.10% over the past 24 hours and the past week, respectively.
Additionally, the current bull run has positioned Dogecoin as the top meme coin, holding the sixth position. Dubbed the Trump Rally, analysts have predicted more bullish metrics for the digital asset.