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.
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.
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.
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.
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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