Dogecoin ($DOGE ) has indeed seen a significant price increase recently, largely due to Elon Musk’s public mentions. At a rally, when asked about his proposed "Department of Government Efficiency," Musk responded with "D.O.G.E." This response immediately triggered a rise in the price of Dogecoin, which rose by 15% in the short term.

Currently, the price of Dogecoin is $0.1330, up 23% in the past 7 days and 6.8% in the last 24 hours. While Bitcoin struggles back to $68,000 and the overall crypto market is down 1.5%, Dogecoin’s performance remains strong. Dogecoin has historically performed very well after Bitcoin halving. For example, the price surged by approximately 8,000% within 231 days after the second halving, and the price increased by an astonishing 23,000% within 192 days after the third halving.

However, there are also signs that large players in the market may have cashed out at high levels, while retail investors are actively buying, supporting the price of Dogecoin. If big investors stop adding more money, the price of Dogecoin may depend more on the enthusiasm of retail investors. In addition, Dogecoin’s technical indicators show signs of “overbought” and the price has broken through the $0.128 barrier, with the next target pointing to $0.15.

It should be noted that although the price of Dogecoin has risen sharply in the short term, the cryptocurrency market is highly volatile, and rapid price increases are often accompanied by the risk of a correction. Therefore, investors should remain cautious and manage risks regarding the future price trend of Dogecoin. At the same time, market expectations for a November Fed rate cut and the outcome of the U.S. election may have an impact on the cryptocurrency market, but the actual impact of these events remains uncertain.