Dogecoin (DOGE) has experienced incredible gains over the past few days. The original memecoin is up 76.4% on the weekly chart, 107.9% on the 14-day chart, 223.1% on the monthly chart, and 374.4% since November 2023. Despite the gains, DOGE’s price is down 7.8% over the past 24 hours.
Why is Dogecoin rising?
DOGE’s rise could be due to Donald Trump’s victory in the U.S. presidential election. Trump’s victory sparked a rally across the market, pushing Bitcoin (BTC) to a new all-time high. BTC’s rise could lead to a rise in many assets.
DOGE’s upward momentum may have been further fueled by Trump’s support for Elon Musk, who proposed the creation of a Department of Government Efficiency (DOGE) under Trump’s leadership.
Memecoin will reach $2.40
According to Ali Martinez, a well-known cryptocurrency analyst, DOGE could rise to $2.40 or $18. Reaching $2.40 would mean a rise of about 566% from current levels. On the other hand, reaching $18 would result in a rise of about 4,900% from current price levels. While the predictions are quite optimistic, it is unclear whether the memecoin will reach the expected levels.
According to Changelly, Dogecoin (DOGE) won’t reach the $2.40 mark until at least May 2032 (about 8 years from now). The platform expects the memecoin to reach the $18 mark sometime in February 2040 (about 16 years from now).
There is a chance that DOGE will continue its upward momentum during Trump’s presidency. Musk’s distance from the White House could lead investors to bet heavily on memecoin. We may soon see DOGE finally break through the $1 mark.
