The memecoin’s recent performance has surpassed that of major blue-chip cryptocurrencies like Bitcoinwhich rose 30.5%, and Ethereum, which increased 40% over the past week. Analysts attribute Dogecoin’s recent surge not only to positive market sentiment but also to strong support from high-profile figures like Elon Musk. His public endorsements and tweets backing Dogecoin and Trump have played a critical role in driving investor interest and demand.
“It is a general tendency when Bitcoin surges, other altcoins also surge. With this phenomenon Doge along with other coins have also performed well. However, Doge especially is up by 145% due to Elon Musk and Donald Trump’s close association pre and post the US elections,” said Edul Patel, CEO of Mudrex.
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“Additionally, the tweet of Elon Musk recently has propelled Doge to form the Golden Cross, suggesting a stronger rally in the coming days. At this point, Doge faces resistance at 0.463370 while support lies at 0.240350,” Patel added.Also Read: At $1.7 trn m-cap, Bitcoin beats silver to become 8th largest asset in world
Experts believe that further gains are likely, driven by speculation that the Trump administration may collaborate with Elon Musk on the Department of Government Efficiency, commonly referred to as DOGE.
Dogecoin’s strong performance reflects optimism surrounding Trump’s pro-crypto stance and hopes for a more favourable regulatory environment. Other standout performers over the past week include Cronos (185%), Neiro (118%), Cardano (80%), and Pepe (75%).
Also Read: Can Bitcoin surpass the $100K mark in 2024?
Despite its surge, Dogecoin still trades below its all-time high of $0.7376, achieved during its peak in 2021.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
