Dogecoin has increased by more than 5% in the past 24 hours to $0.3918, outperforming the cryptocurrency market which is up about 0.9% in the same period to remain at $3.09 trillion.
Data from Cointelegraph Markets Pro and TradingView shows that DOGE has been on an uptrend over the past two weeks, rising 209% from a low of $0.1420 on Nov. 3 to a three-year high of $0.4329 on Nov. 12.
Although DOGE is currently trading 11% below this high, several factors support further price gains for the world’s largest memecoin.
Elon Musk and DOGE
The bullish argument for Dogecoin stems from the increased investor interest following the election of US President-elect Donald Trump, Elon Musk, and the proposed Department of Government Efficiency (DOGE). Social media also played a major role in amplifying this attention, with Dogecoin mentions skyrocketing across platforms.
This interest was further increased among Dogecoin investors and the community when Trump selected Elon Musk to lead the proposed government department alongside Vivek Ramaswamy.
Musk is often referred to as “Daddy Doge” due to his influential role in promoting Dogecoin and whenever he posts about the memecoin on his X platform, its price tends to react positively.
According to data from Google Trends, while this interest appears to have waned over the past few days as the DOGE price has retreated, investor interest in Dogecoin has yet to peak. The chart below shows social media interest in Dogecoin over time.
While the latest surge has brought the highest interest rate since 2021, it still cannot compete with the interest rate seen in May 2021 when DOGE price reached an all-time high of $0.7376.
This data highlights that Dogecoin price has more room to rise as most retail traders are still on the sidelines.
DOGE Whale Accumulates
In response to the slight market correction over the past few days, Dogecoin whales took advantage of the drop to $0.35. Data shows that whale addresses holding between 10 million and 100 million DOGE surged between November 4 and 18.
These large investors amassed around 140 million DOGE, worth around $56 million, between November 17 and 18.
This purchase may have helped Dogecoin return to the $0.38 range as the largest Dogecoin holders appear to be positioning for higher prices in the future.
DOGE Bull Flag Heads Towards New All-Time High
From a technical perspective, DOGE price action has drawn a bullish flag pattern on the daily chart, as illustrated below.
A bullish flag is a bullish continuation setup that forms after price consolidates within a downward sloping range following a strong rally.
The pattern will resolve once the price breaks above the flag's upper trendline at $0.40 and rises by the same height as the previous uptrend. This sets a higher target for the DOGE price of $0.87, marking a new all-time high for memecoin.
DOGE’s daily relative strength index remains in the overbought zone at 77, suggesting that the likelihood of a major pullback is relatively high.
Therefore, a pullback from $0.38 could see a retest of the flag's lower trendline at around $0.355. Below that, DOGE/USD could advance towards the psychological $0.30 level.
