11 Nov 2024 Arjun Agarwal
DOGECOIN Is On The Rise, Flipping USDC And Ripple
Today, Dogecoin (DOGE), the most popular cryptocurrency with a dog theme, surpassed Circle's USDC stablecoin and Ripple's XRP to take the sixth-most valuable spot globally. Positive sentiment surrounding the cryptocurrency's endorsement by tech billionaire Elon Musk after Donald Trump's overwhelming victory in the U.S. presidential election is driving DOGE's surge.
Investors are speculating that Dogecoin might be a notable beneficiary now that Musk has Trump's ear.
Dogecoin’s price spikes to its highest level since 2021
In just the last day, Dogecoin has risen 28.8%, and over the last seven days, it has risen an astounding 82.03%. The Shiba Inu-represented cryptocurrency is trading for about $0.288 at the time of writing, which is its highest price since November 2021.
Source: CoinMarketCap
According to CoinGecko, DOGE is currently valued at about $42.29 billion, while XRP is in eighth place at about $33 billion. In contrast, with a market valuation of more than $1.63 trillion, Bitcoin continues to rule the market. The USDC stablecoin, which presently has a market value of about $37 billion, has also been overtaken by the Doge project.
Could DOGE see a parabolic rise to $20?
According to well-known analyst Ali Martinez, Dogecoin is about to experience a sharp increase in value.
Martinez noted that the 1.618 and 2.272 Fibonacci levels could be the location of a possible Dogecoin top based on past trends. The analyst predicts that if similar momentum continues, DOGE may reach $3.95 to $23.26 based on previous bull cycles.
The future of Dogecoin appears bright, as Musk, the eccentric owner of X, is now probably influential in the Trump administration.
Due to renewed hype brought on by Dogefather Elon Musk's frequent mentions of the proposed Department of Government Efficiency (D.O.G.E.) agency, which seeks to reduce government spending, the price of Dogecoin has more than doubled in the past month, rising 136% during that time. Dogecoin's ticker name is mirrored in the agency's acronym, D.O.G.E., which causes the price of the O.G. meme coin to soar.
The CEO of SpaceX and Tesla has long been linked to Dogecoin, claiming to be a huge fan and regularly boosting the token's value through his appearances and social media posts.
Prior to the election, President-elect Trump had declared that he would appoint the tech giant to head the D.O.G.E. office. Now that Trump has won and the entire cryptocurrency market is soaring thanks to the Republican frontrunner's few promises regarding the industry, Dogecoin investors and traders are going crazy as they expect the meme coin's ticker to be incorporated into the Executive Branch under Musk for years to come.
How about the broader crypto market?
Dogecoin’s comeback comes at a perfect time since the crypto sector is in a recovery mode from last month’s downs.
Bitcoin, for example, hit its all-time high of $82,490.60 on November 11, suggesting a strong bullish wave of fresh capital inflows into the world’s largest crypto to date. If the bulls continue with the push, the next possible target for the crypto king would be $85,000, while forming a strong support zone around $80,000. On the flip side, if Bitcoin bulls fail to hold the $80,000 mark, Bitcoin may tumble down to $75,000 with a next support zone sitting at $70,000.
Ethereum, on the other hand, is still far from reaching its all-time high of $4,891.70, which happened three years ago. Ethereum’s upward projection has been almost perfect in the past seven days, without any significant volatility. However, its current price point of $3,185.18 may turn out to be the end of the climb, as the weekly chart suggests a strong resistance in the $3,200-$3,300 area and an already tested support at $3,100.
Overall, the crypto market reacted well to the Trump election news, bringing the total market capitalization to $2,78 trillion. However, the CMC Fear and Greed Index is currently at 79, which indicates that there is more buying pressure than selling pressure. If the index continues to rise, the crypto market may undergo a downward correction, which would eliminate any recent growth.
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