Dogecoin is on fire! From jokes to the top 100 in market value, how did it do it?
DOGE is now the second best star in the weekly chart among the top 100 cryptocurrencies by market value! This coin, which initially became popular due to jokes, has risen by 2.9% in the past 24 hours, and the weekly chart has soared by 32.6%. It has also risen by 27.3% in 14 days. Compared with last month, it has risen by 38.4%. From October 2023 to now, it has doubled, up nearly 144%!
Why is Dogecoin so popular? In fact, the entire cryptocurrency market is slowly climbing out of the decline at the beginning of the month. Bitcoin is also about to reach the threshold of 70,000 US dollars. Other coins are also rising, as if they are all following the iron law that they must rise in October.
Speaking of Dogecoin's rebound, Elon Musk deserves credit. He appeared at the city hall on October 17 and supported Trump's presidential campaign. Musk also wants to set up a government efficiency department named DOGE, how interesting!
Many analysts are thinking that if Trump really wins this election, the whole market will be happy. Musk is a die-hard fan of Trump. If Trump wins, investors will definitely keep an eye on Dogecoin, hoping that it can fly for a while.
However, can Dogecoin really rise to $0.2? It's hard to say. Analysts at CoinCodex think that the good days of Dogecoin may be coming to an end, and predict that it will fall in a few days, and it may only be $0.123 by October 31. If this is true, it will fall by nearly 20%!
There are even more pessimistic analysts who directly predict that Dogecoin will only be $0.104 by October 31. If this comes true, it will fall by 30%, which is heartbreaking!
However, seeing that the US presidential election is coming, Dogecoin may rise again. Investors may have to stand with Trump in advance, so that Dogecoin may become popular again!
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