Key Takeaways:
- Dogecoin has surged above 75% in the last 7 days following the US Election and its results.
- The token’s overall growth exceeds 360% this year.
- Market sentiment remains bullish as Trump announced the Department of Government Efficiency which he dubbed “DOGE”.
Dogecoin, the original meme coin surged above 75% in the market in the last 7 days following the US Election. Dogecoin is a P2P currency that was launched in 2013 as a joke towards the crypto market, especially Bitcoin. The coin has since gained a lot of ground in the market and is widely referred to as “the original meme coin”. In this article, we will look into Dogecoin’s current market standing, the reason behind its sudden spike, and how it will fare in the coming days.
Dogecoin Current Market Standing
Based on market capitalization, the coin is currently ranked #6 in the crypto market. The coin is now trading at $0.3679 with a downward trend of 9.05% in the last 24 hours. The coin was listed in 2013 with an initial launch price of $0.0002993. From there, the coin had a growth rate of 65782.23% in its run. With a total circulation of 146.77 billion, the coin’s market capitalization currently stands at $54.05 billion.
The coin went on with the current bull run on the 9th of this month amid the US Presidential Election. At that time, the price of the coi9n was standing at $0.1978. From there, the coin shot up rapidly with an increase of $0.1697 in just 5 days. If you consider just one coin, this may not amount to much. At the same time, a bulk of this meme coin had the probability of gaining huge profit to its holder during the time.
Even though the coin is currently in a downward trend in the market, there is still potential for it to surge up. If the trend continues to be in favor of the coin, then we might as well see this in the coming days.
Trump’s Victory And The Dogecoin Surge
The US Presidential Election followed by the creation of the Department of Government Efficiency by President-elect Donald Trump has led to the coin attaining even more growth in the market in recent days. This was mainly due to the fact that Donald Trump dubbed this new department as “DOGE” in one of the statements he made.
He also stated that the Department will be led by Tesla CEO Elon Musl and Vivek Ramaswamy. Dogecoin was one of the biggest winners in the post-election rally, as the coin surged 153% in the market compared to Bitcoin’s 30% growth. This week, it also surpassed the market cap of XRP to become the 6th largest coin in the crypto market by market capitalization.
Dogecoin Short-Term Price Prediction
Based on expert opinion and various tier-1 analysts, we have put together a price prediction table for the famous meme coin. It showcases its possible market value and potential ROI for the coming days. If you’re wondering about the coin’s future, kindly refer to it.
| Date | Possible Price | Potential ROI |
|---|---|---|
| Nov 14, 2024 | $ 0.38899 | 6.54% |
| Nov 15, 2024 | $ 0.389982 | 6.88% |
| Nov 16, 2024 | $ 0.387542 | 6.18% |
| Nov 17, 2024 | $ 0.387237 | 6.25% |
| Nov 18, 2024 | $ 0.385839 | 6.06% |
While referring to the table, keep in mind the fact that the above prices are susceptible to changes in trends in the market as well as social media, and can vary accordingly.
Is it a good time to invest in the Dogecoin?
The market sentiment for the famous meme coin remains “Bullish”. But based on the opinions of various marketing experts and analysts, the coin is predicted to drop by -7.25% and reach a price of $0.360678 by the 13th of this December.
The coin currently recorded 20/30 days to be green while the Fear & Greed Index indicates 80 with a price volatility of 32.95%. This symbolizes ‘Extreme Greed’. Based on this forecast, this may be an ideal time to invest in the coin.
However, you should keep in mind the fact that Dogecoin is a highly renowned meme coin and its value can change at a moment’s notice. So, you should conduct thorough research on the various trends in the market before proceeding with the investment.