In the wake of Donald Trump’s election victory, Dogecoin (DOGE) has emerged as a significant player in the cryptocurrency arena, recording an astonishing 92% weekly increase. This surge propelled the digital currency’s market capitalization to $42.3 billion, overtaking XRP and USDC and securing its position in sixth place. The daily trading volume for Dogecoin also saw a dramatic rise, soaring by 220% to exceed $16.8 billion.
Could Dogecoin Experience a Major Price Surge?
Market watchers are speculating about a potential bullish trend for Dogecoin. Notably, market expert Ali Martinez suggested that DOGE might be on the cusp of a significant price increase, estimating potential peaks between $3.95 and $23.26 based on Fibonacci analysis.
Is the Memecoin Market Gaining Momentum?
Yes, the memecoin sector is revitalizing under Dogecoin’s influence. Alongside its rise, Shiba Inu (SHIB) surged by 20% in the last 24 hours, contributing to a 57% weekly gain. Other memecoins such as Pepe Coin (PEPE) and Dogwifhat (WIF) also reported increases ranging from 12% to 25%.
The cryptocurrency market as a whole saw a substantial uptick, with a $400 billion increase in total market value following Trump’s victory. Bitcoin climbed by 17.9%, Ethereum by 29%, and Solana by 27%, elevating the overall market value to $2.75 trillion.
Key takeaways from the recent developments include:
- Dogecoin’s market cap surpassed $42.3 billion.
- Over $64 million in liquidations occurred for Dogecoin in 24 hours.
- The total cryptocurrency market value increased by $400 billion.
- Other memecoins are also experiencing significant growth.
The recent bullish trends indicate a robust recovery in the cryptocurrency sector, with rising prices fostering optimism for future market performance.