If there’s one cryptocurrency that benefitted probably the most from Donald Trump’s victory final week, it’s the meme coin king Dogecoin (DOGE). With a staggering 92% acquire on the weekly chart, DOGE overtakes XRP and USDC because the sixth-largest cryptocurrency with a market cap of $42.3 billion. Additionally, the day by day buying and selling quantity has surged by 220% taking pictures all the best way previous $16.8 billion.
Dogecoin Making ready for Mega Bull Run?
Crypto market analysts consider that this may very well be the start of the mega rally for Dogecoin worth. As per crypto analyst Ali Martinez, DOGE may very well be on the verge of a significant upward transfer.
Citing the historic chart patterns, Martinez famous {that a} potential peak for the meme coin happens between the 1.618 and a pair of.272 Fibonacci ranges. This might probably put the DOGE worth within the goal vary between $3.95 and $23.26. This projection alerts a considerable alternative for progress as Dogecoin approaches a attainable parabolic section.
#Dogecoin $DOGE is about to go parabolic! Based mostly on historic patterns, a possible prime would possibly lie between the 1.618 and a pair of.272 ranges, translating to a worth vary of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
The Coinglass liquidation data reveals that within the final 24 hours, over $64 million in Dogecoin liquidations passed off. Of those, $36 million are briefly liquidations and $27.64 million in lengthy liquidations. Moreover, the open curiosity for the meme coin has surged by 20% taking pictures previous $2.23 billion.
Following Trump’s election win, the crypto market cap has skyrocketed by $400 billion, with Dogecoin main the cost amongst large-cap cash with a outstanding 92% rally over the previous week.
Bitcoin has gained 17.9%, Ethereum 29%, and Solana 27%, boosting the general market cap to $2.75 trillion—simply in need of the $2.76 trillion peak from March 2024.
Meme Coin Sector Sees Robust Revival
Led by Dogecoin, all the meme coin sector noticed a large revival over the previous week with the top memecoins collaborating on this rally. Other than DOGE, Shiba Inu (SHIB) is up by 20% within the final 24 hours taking its weekly good points to greater than 57%.
Different top-performing cryptos on this sector embody Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK), with every registering 12-25% good points within the final 24 hours. With its current transfer, the PEPE price has given a strong breakout eyeing one other 200% rally forward.
This reveals that the memecoin sector is seeing probably the most good points following the Donald Trump victory contributing to a robust rally within the broader crypto market. With the Bitcoin price hitting a new all-time high at $81,843 ranges, analysts are eyeing the following transfer to $100K ranges. It will likely be attention-grabbing to see how this rally continues additional.
Bhushan Akolkar
Bhushan is a FinTech fanatic with a eager understanding of economic markets. His curiosity in economics and finance has led him to deal with rising Blockchain expertise and cryptocurrency markets. He’s dedicated to steady studying and stays motivated by sharing the data he acquires. In his free time, Bhushan enjoys studying thriller fiction novels and infrequently explores his culinary abilities.
Disclaimer: The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
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