Last week, Dogecoin (DOGE) saw a massive gain following Donald Trump’s election win, becoming one of the top-performing cryptocurrencies with a remarkable 92% weekly increase. This rally boosted DOGE’s market cap to $42.3 billion, surpassing both XRP and USDC and pushing it to the sixth spot. The daily trading volume also surged by 220%, exceeding $16.8 billion.
Is Dogecoin on the Verge of a Major Rally?
Crypto market analysts suggest a powerful upward move may be on the horizon for Dogecoin. Analyst Ali Martinez highlighted that DOGE might experience a significant price rise, with Fibonacci projections indicating potential peaks between $3.95 and $23.26.
According to Coinglass, DOGE saw over $64 million in liquidations in the past 24 hours, with $36 million in short liquidations and $27.64 million in long liquidations. Open interest for DOGE has also risen by 20%, reaching $2.23 billion, reflecting increased market activity and investor interest.
Memecoin Sector Thrives with Dogecoin Leading the Charge
Dogecoin’s rally has energized the meme coin sector, which has seen substantial growth over the past week. Shiba Inu (SHIB), for instance, surged 20% in the last 24 hours and recorded a 57% weekly gain. Other popular meme coins like Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK) have also seen gains between 12% and 25% over the past day, with PEPE aiming for a 200% rise.
In the wake of Trump’s win, the total crypto market cap surged by $400 billion as Dogecoin recorded its 92% rally. Bitcoin rose by 17.9%, Ethereum by 29%, and Solana by 27%, pushing the total market valuation to $2.75 trillion. This recent rise reinforces the strength of the crypto market, with analysts increasingly confident in Bitcoin’s $100,000 price target.
Dogecoin, meme coin, market cap, Donald Trump, crypto rally
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