The price of Dogecoin (DOGE) surged significantly after elected President Donald Trump approved Elon Musk's request to create a Department of Government Efficiency (DOGE). Musk is one of the most active supporters of DOGE. Musk has even enabled DOGE payments for many of his businesses, including Tesla merchandise.
Recent price trends of Dogecoin
Currently, DOGE is keeping up with market gains. This memecoin has increased by 1.2% compared to last month, 4.9% on the daily chart, and 3.5% on the 14-day chart. Since December 2023, the price of DOGE has also risen by 330.1%. Despite these gains, DOGE experienced a 5.2% pullback over the past week.
The recent rise of DOGE may be due to Bitcoin (BTC) reclaiming the $100,000 mark. Market participants may be establishing positions before Donald Trump's inauguration on January 20, 2025.
How high will Memecoin rise after Trump's inauguration?
Many expect the market to rise significantly after Trump takes office. Market participants are betting on Trump's support for cryptocurrency and pro-business stance. The elected President of the United States has been a strong supporter of the cryptocurrency industry. Trump even appointed a White House cryptocurrency czar and a new SEC chairman. Under Trump's leadership, DOGE could greatly benefit.
According to CoinCodex data, the trading price of Dogecoin (DOGE) will reach $0.38 on January 20, 2025. A drop to $0.38 from the current price level would mean a decrease of about 7.32%.
Despite a bleak outlook, CoinCodex expects DOGE to accelerate its rise before March 2025. According to the platform, DOGE will reach a historic high of $1.01 on March 12, 2025. Reaching $1.01 from the current price level requires an increase of about 146.34%.
DOGE may peak again before the expected timeframe. The asset could soar to new highs before or after Donald Trump's inauguration on January 20, 2025.
