Dogecoin, a crypto created as a meme, has dumbfounded everyone with its recent success. The coin, a “meme” cryptocurrency, just burst through the $0.20 mark, climbing by over 22% in just a few hours. The sharp price hike has left many suggesting that Dogecoin’s recent price action is related to the US elections.
The recent hike in the price of $DOGE has made it a top cryptocurrency. According to CoinGecko, Dogecoin has toppled XRP to become the 7th most valuable digital asset based on market capitalization. This is a big success for a coin that initially came out as a meme. The meme coin’s fresh popularity is a testament to how speculative investing is becoming a highly influential aspect of crypto.
Elon Musk’s Influence on Dogecoin
Elon Musk has been a strong influencer when it comes to $DOGE. The entrepreneur has brought so much excitement to $DOGE, which has seen him become the most outspoken advocate of the coin for quite some time. Moreover, Musk recently proclaimed that he would be the one to run a “Department of Government Efficiency” (DOGE) in the Trump administration.
Musk’s strong support for the memecoin has left it aiming for the moon. Certainly, he is the most impactful person in the crypto market. Even his casual remarks could make the Dogecoin soar in minutes. According to analysts, Dogecoin will gain more value if Musk continues to show public support for the crypto.
Dogecoin Community Power and Market Sentiment
The recent Dogecoin price movement underscores that the coin has a strong community backing it. On the other hand, the growing popularity of the coin illustrates the importance of community-driven crypto investments.
Dogecoin’s price surge also outlines one more important thing: how market sentiment drives prices of cryptocurrencies. With the results of the elections and the impact of politics on the crypto market now evident, the growth of $DOGE amidst shows how news and social media trends continue to impact cryptocurrencies.
Will Dogecoin Continue its Upward Rally?
Despite its recent success, the future of $DOGE still remains uncertain. However, its price is more likely to remain volatile in the near future. Long term growth of this cryptocurrency could highly depend on regulations and a crypto-friendly environment.
Currently, the future of Dogecoin remains promising as the community behind the coin continues to influence its price. However, $DOGE has to prove its strength beyond the political excitement that is currently looming.
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