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Dogecoin (DOGE) has seen a significant rise, driven by Elon Musk’s support for Donald Trump and the broader recovery in the cryptocurrency market. Investors are eyeing more growth for Dogecoin, anticipating potential gains if Trump wins the U.S. presidential election.
Dogecoin Rallies on Market Optimism
Among the most notable developments in the crypto world is Dogecoin’s impressive price performance. Ranked second among the top 100 projects by market cap, Dogecoin has risen 2.9% in the last 24 hours, 32.6% on a weekly basis, 27.3% over two weeks, and an astounding 38.4% over the past month. Since October 2023, Dogecoin has surged nearly 144%.
What’s Driving Dogecoin’s Price Surge?
The recent positive trend in the market is supported by Bitcoin’s approach to the $70,000 mark and the overall movement of cryptocurrencies into the green zone. Historically, October has been a bullish month for cryptocurrencies, further boosting the current rise. However, Dogecoin’s latest surge has a unique driver: Elon Musk publicly supported Donald Trump during a town hall meeting on October 17. Musk expressed his support for Trump’s presidential bid and his desire to create a government efficiency department.
Musk’s backing of Trump has renewed interest in Dogecoin, with investors speculating that a Trump victory could further boost the meme coin’s value. Given Musk’s influence and his well-known support for DOGE, this has spurred investor enthusiasm, contributing to the coin’s price increase.
What Are Analysts Predicting for Dogecoin?
Despite the current rally, CoinCodex analysts predict that Dogecoin’s upward trend may not be sustainable, expecting a 16.89% drop by October 31, 2024, bringing the price down to $0.123. Changelly, taking a more cautious approach, forecasts that Dogecoin could fall to $0.104 by the same date.
Nonetheless, with the U.S. presidential elections approaching, there is still potential for Dogecoin to continue its rally. If investors begin positioning for a possible Trump victory, Dogecoin may maintain its growth trajectory.
As reported by Turkish NY Radio, Dogecoin’s recent price surge, influenced by Elon Musk and the upcoming U.S. elections, demonstrates the dynamic nature of the cryptocurrency market. Investors are closely monitoring the situation, as Dogecoin remains a key player with potential for further growth.
