Dogecoin (DOGE) has been in great shape in recent days. The memecoin reacted to Donald Trump's victory by beginning a rarely seen breakthrough. A look back at its trajectory and the reasons that explain it.
Dogecoin explodes higher this week
While the cryptocurrency market is largely in the green and Bitcoin reached a new all-time high today, Dogecoin is particularly celebrating. The memecoin exploded by +102% in the space of 7 dayscoming to touch a higher place this night:
The price of Dogecoin has been racing for several days
DOGE briefly crossed the 0.30 cent threshold, a level it had not seen since 2021. As a reminder, it reached its absolute record in May of that same year, crossing $0.74.
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This morning, Dogecoin represents a capitalization of 41.5 billion dollarsbehind BNB and ahead of USDC. It largely dominates the rest of the memecoins. The 2nd most capitalized memecoin, the Shiba Inu (SHIB), thus “only” represents 15.1 billion dollars in capitalization.
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How to explain this sudden increase?
The rise was triggered by Donald Trump's victory in the US presidential elections. Billionaire Elon Musk is indeed very associated with Dogecoin in the minds of investors, even if he has stopped publicly supporting the cryptocurrency. However, it is very likely that the CEO of Tesla will occupy a significant place in the future Trump government.
It is therefore the conjunction of these 2 events that caused the price of Dogecoin to skyrocket, which tends to experience high volatility as soon as Elon Musk is mentioned.
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Will this last? This is the question to ask yourself. Although DOGE has exploded, it is still far from its all-time high and if his breakthroughs are impressive, so are his falls. But the asset clearly shows that it remains the king of memecoins for the moment.
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Source: TradingView
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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