Dogecoin Surges 45% as Bitcoin Hits $90K — Is $1 for DOGE Next?

Dogecoin (DOGE), once the poster child for meme coins, is experiencing a powerful rally, surging 45% in the last 24 hours to reach $0.41—its highest level in three years. This remarkable upswing brings DOGE’s weekly gains to a staggering 65%, further solidifying its standing as one of the most prominent cryptocurrencies in the current altcoin season. The recent price action has pushed Dogecoin’s market cap to $58 billion, ranking it among the top cryptocurrencies as it once again captures the spotlight.

Bullish Momentum for DOGE and Bitcoin After U.S. Election Results

The current surge in DOGE coincides with the broader crypto market rally, led by Bitcoin, which recently broke an all-time high of $88,000, now trading slightly lower at $88,400. This impressive growth is being attributed to the post-election optimism surrounding a Trump administration, which has openly voiced pro-crypto sentiments and is expected to adopt policies favoring the digital asset market. Enthusiasts are already buzzing with excitement, hoping for a wave of new legislation that could bolster the industry.

Elon Musk, a well-known supporter of Dogecoin, recently proposed establishing a Department of Government Efficiency, abbreviated as DOGE, within the Trump administration, fueling speculation that Dogecoin may gain even more traction.

Dogecoin Outpaces Market with Record Trading Volume

Dogecoin has experienced a surge in trading activity, with over $25 billion in trades within the past 24 hours. Currently, 146.76 billion DOGE tokens are in circulation. Although its current price is below its 2021 all-time high of $0.7376, DOGE’s price action reflects a renewed investor interest reminiscent of the explosive growth it experienced earlier. Notably, futures traders betting against DOGE’s rally have lost over $68 million, showing the intense speculation around the asset.

With the meme coin reaching $0.41, traders are eyeing the symbolic $1.00 price mark as a near-term target, hoping to see this goal materialize in the bullish atmosphere.

MicroStrategy Increases Bitcoin Holdings Amid Crypto Market Resurgence

Michael Saylor’s MicroStrategy added 27,200 BTC, valued at $2.03 billion, to its already substantial holdings, which now total approximately 279,420 BTC, acquired for an aggregate $11.9 billion. The recent acquisition at an average price of $74,463 per BTC cements MicroStrategy as the largest corporate Bitcoin holder, reflecting the increased confidence in Bitcoin’s potential to reach even higher highs in this cycle.

Crypto Investment Inflows Surge as Confidence Grows

Investment products in the digital asset sector continue to draw unprecedented interest, with inflows reaching $1.98 billion last week, marking the fifth consecutive week of positive flows. This brings total year-to-date inflows to a record $31.3 billion, setting the global assets under management at a new peak of $116 billion. Bitcoin alone accounted for $1.8 billion in inflows, buoyed by a promising macroeconomic landscape and the impact of recent political developments in the United States. Ethereum has also shown signs of resurgence, reporting $157 million in inflows, the highest since its ETF launches in July.

Will Dogecoin Hit the $1 Mark?

As momentum builds, the question on every Dogecoin enthusiast’s mind is whether DOGE will hit the coveted $1.00 mark. While some traders view this target as symbolic, market enthusiasm and support from prominent backers, including Musk, suggest that Dogecoin may indeed reach new highs. As Bitcoin continues to soar, the possibility of capital flowing into altcoins may propel Dogecoin further, solidifying its position in the meme coin ecosystem and the broader cryptocurrency market.

As we move further into 2024, all eyes remain on DOGE, Bitcoin, and the evolving regulatory landscape to see if this rally has the staying power to continue its historic run.

Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.

Source: ICO Gem Hunters