One of the top-performing cryptocurrencies on the market right now is Dogecoin (DOGE). The memecoin has increased by 235.6% over the past month, 26.2% on the daily charts, 128.3% on the weekly charts, and 122.9% on the 14-day charts. Since November 2023, DOGE’s price has likewise gone up by 376.6%. The project is now the sixth-largest cryptocurrency project with a market capitalization of nearly $61 billion.
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Source: CoinGecko
Why Is Dogecoin Rallying?
DOGE’s rally is likely due to a few developments that have taken place over the last few days. Firstly, Donald Trump won the U.S. Presidential election, triggering a market-wide rally. Bitcoin (BTC) hit a new all-time high earlier today and is inching closer to the $90,000 mark.
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Source – Bitcoin.com
Secondly, Elon Musk, one of Trump’s most significant endorsers, wants to establish a Department Of Government Efficiency (D.O.G.E.) under the Trump administration. Musk is also an avid Dogecoin (DOGE) fan. His support for Trump may have further pushed DOGE bulls.
Will The Memecoin Hit $1 Next?
Hitting $1 from current price levels will require a rally of about 150%.
According to CoinCodex analysts, Dogecoin (DOGE) will face a correction over the next few weeks. The platform anticipates the memecoin to dip to $0.27597 on Nov. 28, 2024. Sliding to $0.27597 from current price levels will entail a fall of about 31%.
Source: CoinCodex
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Telegaon analysts predict DOGE will breach the $1 mark sometime in 2026. The platform predicted the memecoin to trade at a maximum price of $0.39 in 2024, which has already been broken. Hence, the platform’s analysis should be taken with some consideration.
Source: Telegaon
If the cryptocurrency market continues its upward momentum, DOGE could breach the $1 mark very soon. Retail investors may be experiencing FOMO right now and we may witness an extended rally.
