- Dogecoin surged by 92% following Donald Trump’s presidential election win, overtaking XRP and USDC to become the sixth-largest cryptocurrency by market cap.
- Notably, after the victory of the pro-crypto president, the overall crypto market cap surged by an impressive $400 billion.
The cryptocurrency market is reeling from the impact of last week’s U.S. election especially the awaited but unexpected victory of Donald Trump. One of the crypto tokens that has undergone eventful change is Dogecoin, the largest meme coin by market cap. At the beginning of this week, Dogecoin surged by over 92%.
This meteoric rise has pushed DOGE into the sixth-largest cryptocurrency position, surpassing XRP and USDC. At the time of writing, DOGE is swapping hands with $0.2908, marking 23.78% and 84.73% in the last 24 hours and past month, respectively. Additionally, the digital asset has recorded 159.32% in the past month.
Furthermore, its market cap has swelled to $42.59B. Looking deeper into other metrics, daily trading volumes for Dogecoin also spiked by a remarkable 220%, reaching $16.8 billion. Its worth noting that Dogecoin has recorded one of its strongest performances in recent history.
Taking note of this, one market analyst took to the X platform highlighting the token’s historical chart pattern. The analyst suggested that Dogecoin’s pattern suggests a potential mega rally for DOGE. According to Martinez, Dogecoin could peak within the 1.618 to 2.272 Fibonacci levels, putting its price target between $3.95 and $23.26 if bullish momentum continues.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
On the other side, Coinglass liquidation data has provided further insight into Dogecoin’s recent surge. Over the past 24 hours, DOGE liquidations reached over $64 million, with short liquidations accounting for $36 million and long liquidations $27.64 million. Furthermore, open interest in Dogecoin futures surged by 20%, surpassing $2.23 billion.
Trump’s election win has radiantly renewed the entire cryptocurrency market. Notably, after the victory of the pro-crypto president, the overall crypto market cap surged by an impressive $400 billion. Notably, Dogecoin has led gains among the top coins with large market caps.
On a larger scale, Bitcoin has risen by 17.9%, Ethereum by 29%, and Solana by 27%, bringing the total crypto market cap to $2.75 trillion, just below its March 2024 peak of $2.76 trillion.
At the time of writing, Bitcoin is swapping hands with $82,071.95 marking a 3.13% and 19.40% surge in the past 24 hours and week respectively. As Bitcoin’s BTC approaches an all-time high of $81,843, market analysts are speculating on a potential $100,000 target.
Bitcoin’s success has ignited a successful rally, breathing new life into the meme coin sector. At the time of writing, SHIB is swapping hands with $0.00002597 marking a 13.71% and 52.10% surge in the past 24 hours and week respectively.
Additionally, the current rally has placed Dogecoin in a pivotal position as the leading meme coin holding the sixth position. Dubbing this bullish season as the Trump Rally’ analysts have predicted more bullish metrics for digital assets.