Trump’s Victory Sends Dogecoin Soaring: Analysts Weigh In on the Meme Coin’s Future

Blenda Rosen
By Blenda Rosen Add a Comment 1

Popular meme coin Dogecoin (DOGE) surged by 19.8% to $0.2016 early Wednesday after news spread that Donald Trump secured a second term as president. This surge boosted DOGE’s market cap from $24.65 billion to $29.08 billion, underscoring a significant influx of capital into the meme coin sector.

Trump’s Victory Sends Dogecoin Soaring: Analysts Weigh In on the Meme Coin’s Future = The Bit Journal

Dogecoin Rallies with Trump’s Second Term

As Trump embarks on his second term, Dogecoin has launched into a new rally. DOGE’s price shot up by nearly 20%, sparking attention across the crypto market. Analysts quickly joined the discussion, with many highlighting the coin’s upward potential. Coin Bureau’s co-founder and CEO Nic Puckrin attributed the rise to speculations that Elon Musk, a longtime Dogecoin advocate, might be appointed as head of a “Government Efficiency Department” under Trump. Musk’s lighthearted reference to this hypothetical role as the “D.O.G.E.” has since gained traction on social media, contributing to DOGE’s rally.

Trump’s Victory Sends Dogecoin Soaring: Analysts Weigh In on the Meme Coin’s Future = The Bit Journal

DOGE’s Current Status

The meme coin’s recent performance has impressed many, with a remarkable 162% annual price increase, outpacing 73% of the top 100 crypto assets and outperforming Bitcoin and Ethereum. Analysts note that DOGE is now trading above the 200-day simple moving average (SMA), a traditional indicator of bullish momentum. Over the past 30 days, DOGE has experienced 17 “green days,” indicating robust market confidence.

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However, despite the latest spike, DOGE remains 73% below its all-time high. Considering inflationary pressures, analysts suggest that DOGE would need substantial capital inflow to revisit its historical peaks.Trump’s Victory Sends Dogecoin Soaring: Analysts Weigh In on the Meme Coin’s Future = The Bit Journal

Analysts Highlight Key Levels

Crypto analyst Jake Wujastyk noted that DOGE appears primed to test the critical psychological and technical barrier at $0.20. He explained that the ongoing “Government Efficiency” (D.O.G.E.) narrative is fueling renewed enthusiasm, but DOGE will need sustained buying pressure to break above this level conclusively. If DOGE manages to surpass this threshold, it could establish a new support level, though volatility is likely to accompany any future gains.

In technical terms, surpassing $0.20636 could solidify a sustainable upward trend, possibly setting DOGE on a path for further gains in the near term. Popular analyst Kaleo offered a particularly optimistic view, suggesting DOGE might reach $0.40 within a week. While this bullish scenario highlights DOGE’s speculative appeal, Kaleo’s ambitious target would require unprecedented buying momentum.Trump’s Victory Sends Dogecoin Soaring: Analysts Weigh In on the Meme Coin’s Future = The Bit Journal

The Bit Journal continues to monitor Dogecoin and other meme coins as they evolve amid changing market dynamics, with analysts and investors closely watching for potential growth in the meme coin market.

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Disclaimer

The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.

You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.

Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.

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Content Editor Hi there! My name is Blenda, and I'm a Personal Finance and Markets Reporter at California/USA Today. I graduated from San Jose State University with degrees in Business Administration and International Business, and I'm a Certified Public Accountant (CPA) in California.My passion is creating personal finance content that resonates with my readers. I know from experience how daunting managing personal finances can be, and I aim to provide actionable advice that people can use to improve their financial situations. Whether it's budgeting, saving, investing, or retirement planning, I'm here to help my readers make informed decisions about their money.
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