After Trump's election victory last week, if we consider which cryptocurrency benefited the most, it is undoubtedly Dogecoin (DOGE), known as the 'King of Memes'.
From the weekly chart, Dogecoin has successfully surpassed XRP and USDC with an astonishing increase of 92%, thus rising to become the sixth largest cryptocurrency, with a market value reaching $42.3 billion. Additionally, Dogecoin's daily trading volume has shown a rapid surge, increasing by 220%, reaching as high as $16.8 billion.
So, is Dogecoin actively preparing for the arrival of a super bull market?
Analysts in the cryptocurrency market generally believe that the current phase may just be the starting stage for a significant upward surge in Dogecoin's price. According to cryptocurrency analyst Ali Martinez, Dogecoin is very likely about to witness a stronger and more substantial rise.
Ali Martinez pointed out through historical chart pattern analysis that Dogecoin's potential price peak would appear between the 1.618 and 2.272 Fibonacci levels. This means that Dogecoin's price could possibly be within the target range of $3.95 to $23.26. This prediction clearly shows that as Dogecoin approaches the potential parabolic phase, its subsequent growth opportunities are undoubtedly considerable.
According to Coinglass liquidation data, in the past 24 hours, the liquidation amount of Dogecoin has exceeded $64 million. Among them, the short liquidation amount was $36 million, while the long liquidation amount was $27.64 million. Moreover, the number of open contracts for this meme coin has surged by 20%, exceeding $2.23 billion.
With Trump's victory in the election, the total market value of the entire cryptocurrency market skyrocketed, increasing by a total of $400 billion. Among them, Dogecoin has undoubtedly taken the lead among many large cryptocurrencies, with an increase of 92% in just the past week.
Meanwhile, Bitcoin rose by 17.9%, Ethereum increased by 29%, and Solana went up by 27%. It is precisely due to the price increases of these mainstream cryptocurrencies that the overall market value has climbed to $2.75 trillion, although this figure is slightly lower than the peak of $2.76 trillion reached in March 2024.
Strong Recovery in the Meme Coin Industry
Led by Dogecoin, the entire meme coin sector has seen a significant recovery in the past week, with many top meme coins participating in this rebound. Apart from Dogecoin, Shiba Inu (SHIB) has increased by 20% in the past 24 hours, with a weekly increase of over 57%.
In this sector, other outstanding cryptocurrencies include Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK). In the past 24 hours, each of them has achieved an increase of 12% to 25%. With this series of recent trends, the price of Pepe Coin (PEPE) has already made a strong breakthrough and is expected to achieve another 200% increase on this basis.
This series of phenomena fully demonstrates that after Donald Trump's successful election, the memecoin sector is undoubtedly the most significant rising sector in the entire cryptocurrency market, and its sharp increase has strongly propelled the robust rebound of the entire cryptocurrency market. As Bitcoin successfully set a historic new high of $81,843, analysts are closely watching whether Bitcoin can break through the important level of $100,000 next. How this wave of rising momentum will continue is indeed an interesting matter, and we look forward to seeing it.
