The cryptocurrency market is witnessing a remarkable phenomenon
as Dogecoin’s (DOGE) price continues its extraordinary ascent,
reaching $0.3292 and becoming the sixth-largest crypto by market value.
At the time of writing, this price action has created
unprecedented excitement in the crypto space.
The price of
Dogecoin has shown exceptional strength in the past 24 hours, with
several notable achievements:
- A staggering 152% gain over the past month
- An 86% increase in just seven days
- Trading volume reaching $21.7 billion
in the last 24 hours - Surpassing its previous peaks since
the 2021 bull run
On November 11, 2024,
Dogecoin (DOGE) experienced a 15% increase on Coinbase, reaching $0.3292—the
highest level since October 2021.
Why Dogecoin price is up today? Source: Tradingview.com
This surge is attributed
to a combination of political and economic factors, as well as technical
analysis and market speculation. Notably, Bitcoin (BTC), the largest and oldest
cryptocurrency, achieved a record high, testing the $85,000 mark on Monday.
Why Is Dogecoin Price Up
Today? Political Catalysts and Market Sentiment
The crypto market received
a significant boost following Republican candidate Donald Trump’s victory.
This development has particularly benefited DOGE, as Trump’s
pro-cryptocurrency stance has energized crypto enthusiasts. Bitcoin’s
price and other cryptocurrencies like Bitcoin have also
reached new all-time highs.
Economic and Political
Drivers:
- Pro-crypto policies
expected from the Trump administration. - Global economic
instability, with investors looking for alternative assets. - Increasing institutional
acceptance of crypto as a hedge against inflation.
Elon Musk, CEO of X, CEO and Chief Engineer of SpaceX, and CEO and Product Architect of Tesla.
Elon Musk’s Influence and
the D.O.G.E Proposal
Musk’s support for
Dogecoin continues through his proposal for a “Department of Government
Efficiency” (abbreviated as D.O.G.E). This concept has sparked
renewed attention and interest in Dogecoin among investors and
the Dogecoin community. It has also created hype around DOGE, drawing in
new retail investors.
Key Social Media
Influences:
- Elon Musk and other
crypto-friendly figures endorsing DOGE. - Communities on Twitter
and Reddit rallying behind Dogecoin. - Memes and viral trends
keep DOGE in the public eye.
Dogecoin News: DOGE is currently the 6th biggest crypto by market cap. Source: CoinMarketCap
Retail and Institutional
Investors
The appeal of Dogecoin
has grown beyond retail…
