Originally published on: November 05, 2024
Amidst the anticipation of a potential Trump victory in the US presidential election, Dogecoin (DOGE) is making waves in the cryptocurrency market with a 12% surge in the past 24 hours. The meme-inspired coin has been on a positive trajectory, gaining momentum as the political landscape evolves.
In the fourth quarter alone, Dogecoin has seen an impressive 65% increase since October 1. If Donald Trump secures his spot as the 47th US president, analysts predict another 30% surge in the value of this quirky crypto asset in a matter of hours.
Renowned crypto analyst, Master Kenobi, has highlighted Dogecoin as the most strategically positioned cryptocurrency in the current political climate. His analysis reveals a long-term projection of Dogecoin hitting $11 by 2025, representing a potential 6,447% return on investment.
The influence of Tesla CEO, Elon Musk, cannot be overlooked in the Dogecoin narrative. Musk’s recent proposal for a “Department of Government Efficiency” has further bolstered the credibility of this cryptocurrency. This, coupled with a 100% increase in new DOGE addresses towards the end of October, indicates a growing interest in Dogecoin among investors.
From a technical standpoint, Dogecoin’s daily chart is already reflecting the market’s anticipation of a favorable outcome for Trump. A break above the $0.174 resistance level could pave the way for a 35% surge towards $0.23, nearing its yearly high.
Noteworthy trader and economist, Mikybull Crypto, points out an upcoming golden cross on the weekly chart, a bullish signal that could potentially mirror the significant surge seen in 2020. This signifies an exciting period ahead for Dogecoin investors.
While the future of Dogecoin remains speculative, recent developments suggest a promising outlook for this beloved meme coin. As the market continues to evolve, it’s crucial for investors to stay informed and conduct their own research before making any decisions.
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