- Dogecoin
Dogecoin (DOGE) becomes one of the largest gainers in the new cryptocurrency bull run catalyzed by the result of the 2024 US election. Following Bitcoin’s (BTC) series of all-time highs (ATHs), the meme coin exploded toward a new record-high price it hadn’t seen for more than three years.
Dogecoin Performance
In the past 24 hours, Dogecoin rallied from a $0.2854 low to a $0.4359 high, representing a whopping 52.73% price action for the token. As of 2:45 PM UTC, it managed to stay within the $0.37 zone to lock in 27% of its one-day gain.
Along the way, Dogecoin’s trading volume rose by 110% as over $39.50 billion worth of the token moved across DeFi wallet addresses. This signifies the high investor interest toward the digital asset amid the renewed optimism in the broader crypto market. Meanwhile, the latest developments pushed the market cap of the 146.76 billion DOGE in circulation up to $54.08 billion.
So far, the dog-themed meme coin has exhibited major price accumulations even in the long-term charts. Zooming out the charts reveals that its value has grown by over 109% in a week, 233% in a month, and 368% in a year.
At this rate, Dogecoin remains a far cry from its record peak of $0.7376 three years ago. However, with the emergence of the new bull cycle, the close-knit members of the DOGE community are crossing their fingers that it will eventually benefit from the US’ more crypto-friendly regime next year.
DOGE Surpasses XRP
Dogecoin’s rush to the upside allowed it to overtake XRP’s $37.38 billion and USDC’s $36.68 billion market caps. This now positions DOGE at the sixth spot of the world’s top cryptocurrencies by market cap.
The token now sits right below BNB in this metric. However, it may find the latter tougher to beat as the current gap between them is roughly $36 billion.
Dogecoin Gearing Up to a $2.40 or $18 Push
Further fueling Dogecoin’s hype is a new bullish pattern unveiled by a popular crypto trader and analyst on X. According to Ali Martinez, a.k.a Ali Charts, DOGE’s price has the potential to explode by 4,500%.
Martinez based his analysis on a trend channel encompassing the token’s price movements since 2015, which consistently logged higher lows and higher highs all the way to the present. If this plays out exactly as the pattern indicates, DOGE could be poised toward a median run of $2.40. On the other hand, there’s a huge possibility that it could build momentum to as much as $18 this bull cycle.
The forecast doesn’t even factor in the possible effects of a Donald Trump presidency and the fruition of Elon Musk’s proposed agency, which alludes to the token’s name.