As there are highly volatile coins, the cryptocurrency market has seen various price fluctuations over time. But now it is observing an extraordinary event of price hike of Dogecoin (DOGE). Dogecoin has even made it onto the ranking list of the largest cryptos by market value and secured sixth position. Currently, it is priced at $0.3292. Why is the sudden price hike happening for Dogecoin? Let us examine the answer to this question through this article, and along the way, find out more about Dogecoin.
Price And Market Performance Of Dogecoin Right Now
Dogecoin (DOGE) has shown tremendous strength over the last 24 hours, reaching numerous significant milestones. The cryptocurrency has increased by an unbelievable 152% in the last month, as well as an impressive 86% in just seven days. Trading volume has also increased, reaching $21.7 billion over the last 24 hours. DOGE has also surpassed its historical highs since the 2021 bull run.
On November 11, 2024, DOGE witnessed a large shift in price, rising 15% on Coinbase to $0.3292, its highest level since October 2021. This extraordinary performance demonstrates Dogecoin’s newfound momentum and investor interest. The surge in dogecoin in no experiencing is the result of not just one, but a combination of political and economic factors. Additionally, its technical analysis and market speculation are worth mentioning.
Why is the price of Dogecoin going up today?
Now, the crypto market is on fire because of Donald Trump’s historical win. The global crypto market value has surged to an astonishing $3 trillion, with bitcoin touching all-time highs of almost $93,000, and along with bitcoin, the price of Dogecoin also jumped 140%. It’s not just Bitcoin and dogecoin that the prices are going up today; ether has upped its value by 33% since the election. As such, his crypto-friendly stance has only energized the enthusiasts, and experts predict another boom for the digital asset sector.
The industry has been requesting a clear regulatory framework for a long time, and Trump’s administration is probably going to bring considerable changes. Global economic uncertainty is another important element, as investors seek other assets to avoid risk. As traditional markets experience instability, cryptocurrencies are becoming more appealing options. Institutional acceptance of cryptocurrency as a hedge against inflation is increasing. This shift in mood is important because it signals a rising realization of cryptocurrency’s capacity to provide protection against economic volatility.
Influence caused by Elon Musk
Elon Musk has also influenced this surge of dogecoin in a way; one of the examples of this is where Elon Musk’s takeover is most obvious: his proposal for a “department of government efficiency” (D.O.G.E. This concept created a huge interest and euphoria among investors and the dogecoin community, attracting new retail investors and making waves in the market. Days after Musk’s post about D.O.G.E, the price of Musk’s favourite coin increased by 13.68% since last Thursday.
Musk is among the biggest supporters of Dogecoin, and his tweets throw the coin to volatility. Although he says he doesn’t promote cryptocurrencies anymore, Dogecoin loves his explicit, enthusiastic gestures, frequently counting as an endorsement. The billionaire has greatly impacted the value of the new currency, Dogecoin; thus, some investors are taking him to court for “obvious cryptocurrency market manipulation.” However, his lawyers argue that “his tweets are innocuous and often silly.”
Influence of retail and institutional investors
Investor interest in DOGE is rising both among retail and institutional investors, for different reasons, of course. Initially, institutional investors were not interested in it. Now they are starting to take a stake in the coin too. Retail investors prefer to invest in DOGE because they find it available on most major platforms, which is one of the reasons why small investors flock toward DOGE. It has significantly contributed toward its growth and constitutes a broad base of support. On the other hand, institutional investors, which are hedge funds and financial institutions, pay more attention to DOGE.
This interest gives it credence, thereby influencing market value to increase. The fact that this support comes from such institutions shows growth in the maturity of DOGE within digital assets. Beyond just interest by investors, success in Dogecoin is also found in a buoyant community and flair for social media. Platforms such as Robinhood and Coincase made it easy for regular folks to invest in Dogecoin. Thus, it still maintains a strong interest level with the people.
As institutional interest in DOGE grows, so does the volume of trade, which in turn pushes the prices high. Recently, large investors, or “whales,” have been focusing more attention on Dogecoin. Based on data, whale wallets owning 100 billion to 1 billion coins increased their stakes enormously, from 2.68 million to 30.56 million coins. Such an accumulation tends to precede major price movements and indeed signifies full institutional confidence in the asset.
Market analysis and price prediction on the price of Dogecoin.
| timeline | Minimum price | Maximum price | Average price |
| Short-term | $0.377 | $0.45 | $0.41 |
| Mid-term | $3.95 | $4.50 | $4.20 |
| Long-term | $23.25 | $25.00 | $24.15 |
While the growth of dogecoin is impressive now, there are several factors that signal this growth as a continuous future growth of dogecoin, such as:
- The market position of the 6th largest crypto by market value
- Crossed both USDC and XRP in market cap
- Emerged as a prominent player in the alternative crypto-currency
- Increase in institutional interest and adoption
Conclusion
The dogecoin’s current surge is due to a combination of economic and political factors, along with the FOMO (fear of missing out) of the investors. The media coverage and the social media buzz received by dogecoin recently are huge due to these economic and political factors. This news coverage led many investors to buy in due to their fear of missing out on an investment opportunity that everybody else is talking about, leading to the success it has now. After analyzing the market and current scenario, this surge in the price of Dogecoin will continue to grow in the future.