Dogecoin Surges 51% in a Day, Reaches Three-Year High

Within 24 hours, the price of the most famous meme coin, Dogecoin, rose from $0.2 to a record high of $0.43, with its market capitalization reaching $63.1 billion.

The previous all-time high was recorded in April 2021 at $0.33.

At the time of publication, the coin is trading at $0.39 and ranks sixth in the cryptocurrency market capitalization rankings with a figure of $56.9 billion.

The sharp rise in Dogecoin is linked to Donald Trump’s success in the US presidential elections and the potential role of Elon Musk, one of the key promoters of this cryptocurrency, in the new government.

“[Dogecoin] received a boost due to the US presidential elections, in which Elon Musk was actively involved,” noted Nick Ruck, head of LVRG Research. — Speculators believe that Musk’s involvement in the new White House administration could increase the price of DOGE in the future, as this asset underperformed during the last bull cycle compared to other cryptocurrencies.”

According to technical analyst Ali Martinez, the price of Dogecoin will continue to rise to $2.4 and could reach $18 by 2025.

A test of the middle or upper boundary of the channel puts #Dogecoin $DOGE at $2.40 or $18! pic.twitter.com/shPEjf4GTN

— Ali (@ali_charts) November 12, 2024

Back in August, a court dismissed a $258 billion lawsuit against Elon Musk, which accused the billionaire of market manipulation and promoting Dogecoin.