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HomeAltcoinIs Dogecoin (DOGE) on Track for 50 Cents with US Election

Is Dogecoin (DOGE) on Track for 50 Cents with US Election

The dramatic end to the United States presidential elections significantly impacted the cryptocurrency market. As Bitcoin (BTC) recorded a new all-time high, almost all assets in the market followed suit. However, Dogecoin (DOGE) stood out as Donald Trump was flooded with congratulations.

Also Read: US Election Frenzy Could Send Bitcoin (BTC) To $100K, Here’s When?

Looking Into Dogecoin’s Double Digit Surge

The OG meme cryptocurrency, Dogecoin, is the frontrunner in the cryptocurrency market today. The asset went from a low of $0.1662 to a high of $0.2121. Hitting the $0.20 mark has been a major struggle for the meme coin. But the momentum from the latest elections propelled the asset by 24% over the past 24 hours. At press time, DOGE was trading at $0.2023.

Source

It should be noted that Dogecoin temporarily surpassed XRP as the seventh-largest cryptocurrency. As DOGE’s market cap grew to $30.45 billion, it took over Ripple’s cryptocurrency. However, the asset fell back and is currently the eighth largest in the market.

Despite the latest spike in price and market value, Dogecoin remains 72% below its all-time high of $0.7376. This was achieved about three years ago, in 2021. Several believe that if DOGE continues its current momentum, it could rise to this level yet again shortly.

Also Read: Donald Trump Wins 2024 Presidential Election

Trouble in Paradise?

DOGE has repeatedly recorded increases of similar magnitude but failed to maintain them. The asset could be encountering a similar trend now. According to data from CoinCodex, DOGE will struggle over the next couple of days and trade around the $0.166 level throughout the week.

Source

Dogecoin’s current streak will be disrupted in the coming days. However, the asset took a major turn in its price today, and as a result, the meme coin could surprise its investors in the coming days as well.

Also Read: Can US Election Results Propel Bitcoin (BTC) Towards $80K

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