It’s printing gains in the Dogecoin community on Election Day as the OG memecoin reached a seven-month high, thanks to Elon Musk and Donald Trump. Doge posted an impressive 30% surge on the day, almost touching its April 1 high of $0.22.
It also posted a decent 19% profit in the last seven days and briefly flipped positions with XRP, becoming the 7th crypto in the world before falling back into position 8.
The recent Dogecoin price rally was proudly sponsored by a general optimistic atmosphere in the crypto market and the different sightings of Elon Musk in Donald Trump rallies the past couple of days.
At the @realDonaldTrump / @JDVance rally at Madison Square Garden!
— Elon Musk (@elonmusk) October 27, 2024
https://t.co/gEcj39mXIp
Its old news that Elon is the father of Doge, having been actively pumping his bags since time immemorial. Donald Trump, on the other hand, became a crypto believer in the days leading up to the election, with the community openly welcoming the man and aligning with him. Elon Musk also teased the idea of a “Department of Government Efficiency” (D.O.G.E) in several tweets, further pushing up the price.
D.O.G.E will fix it 🪓
— Elon Musk (@elonmusk) October 15, 2024
Lots of whales caught on the signal and started filling their bags with Doge in anticipation for the Election Day rally. As per data from IntoTheBlock, a lot of DOGE moved into big holders pockets, as it went from 45.3 million DOGE to 431.3 million DOGE—a cool 957% increase within the period.
Some analysts have also sighted a "golden cross" in the Dogecoin charts, which is a good sign that the price might keep going up.
The golden cross happens when the short-term price trend (over about the last 50 days) moves above the long-term trend (over about the last 200 days). This means people might start buying more, thinking the price will keep rising.
For dogecoin, this golden cross happened early Wednesday, and the price shot up more than 15%, hitting a point where it might either go a lot higher or take a breather. This point, around 21.7 cents, is seen as a key level because it's where dogecoin has hit a roadblock before.
If dogecoin can stay above this 21.7-cent mark, more people might jump in, aiming for prices seen back in October 2021 when dogecoin was at 35 cents. But if it can't stay above, the price could fall back to around 12.75 cents, where it found some support in the past.
In short, everyone's watching to see if dogecoin can keep its winning streak or if it'll hit a snag like it did back in March.
Trump’s victory is not only sending Dogecoin to the moon—the entire crypto market is enjoying it. Some people are already calling the surge the “Trump Trade” (we’re as confused as you are on this).
The Trump Trades pic.twitter.com/ormMvJ7sQz
— Ben Smith (@semaforben) November 5, 2024
Bitcoin, the father of crypto, also reached a new high of $75k just a few hours before the election. And based on how things are going, this could just be the start of the rally—Uptober (that didn’t come), memecoin cycle, alt season, you name it. It could be 2021 all over again.
Kataryna Habeliia
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