Dogecoin (DOGE) witnessed an unimaginable run over the previous few days. The authentic memecoin is up by 76.4% within the weekly charts, 107.9% within the 14-day charts, 223.1% within the month-to-month charts, and 374.4% since November 2023. Despite the rally, DOGE’s worth has dipped 7.8% within the final 24 hours.
Why Is Dogecoin Rallying?
DOGE’s rally is probably going on account of Donald Trump successful the US Presidential election. Trump’s victory triggered a market-wide rally that pushed Bitcoin (BTC) to a brand new all-time excessive. BTC going up has probably led to many property rallying.
Trump’s help from Elon Musk might have additional helped DOGE’s upward momentum. Musk has proposed the creation of a Department of Government Efficiency (D.O.G.E.) below Trump’s management.
The Memecoin To Hit $2.40
According to distinguished cryptocurrency analyst Ali Martinez, DOGE might rise to $2.40 or $18. Hitting $2.40 will translate to a rally of about 566% from present ranges. On the opposite hand, hitting $18 will result in an increase of about 4900% from present worth ranges. While the forecast is kind of bullish, it’s unclear if the memecoin will hit the projected ranges.
According to Changelly, Dogecoin (DOGE) won’t hit the $2.40 mark until at the very least May 2032, about eight years from now. The platform anticipates the memecoin to hit the $18 mark someday in February 2040, about 16 years from now.
There is a risk that DOGE will proceed its upward momentum throughout Trump’s tenure as President. Musk’s proximity to the White House might result in buyers betting closely on the memecoin. We might witness DOGE lastly breach the $1 mark very quickly.
