Highlights:
- Dogecoin price is up 103% in the last seven days raising monthly numbers.
- This growth has led to bullish projections above $20 in the next five years.
- Elon Musk heading the Department of Government Efficiency is a major driver.
Dogecoin (DOGE) has sparked positive sentiments within its community and the crypto market. The current bull cycle has seen prices of several coins touch new highs alongside the general market cap. Decentralized finance (DeFi) also rallied as transaction activity and assets under management (AUM) tapped new levels. In a nutshell, Bitcoin (BTC), altcoins, and meme coins have recorded significant price gains.
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Will Dogecoin Hit $20?
DOGE price leads the new meme coin frenzy, with bulls setting sights on breaking past multiple resistance levels. At press time, DOGE trades at $0.392, soaring 4% in the last 24 hours adding to a strong week. This week, the asset moved up 103% taking monthly numbers to 350%. Year-to-date figures for the asset have led to further projects past the previous $1 benchmark.
In previous cycles, bulls set the target for DOGE at $1 after as little as 20% growth. The asset which started as a joke has transitioned to a $57 billion coin with trading volumes hitting $22.5 billion. A major driving factor for meme coins is the community’s responses to bullish sentiment. If present factors sustain alongside future friendly policies for the asset, DOGE price could spike to $20, market bulls opine.
#Dogecoin is only 140% away from $1.00 #DOGE is up 350% over in the last month. Put it in perspective folks.
— Kevin (@Kev_Capital_TA) November 13, 2024
On the flipside, the sharp swings of meme coins could see similar correction levels with assets losing major gains. The outcome of the US elections and similar flip in crypto assets has seen DOGE enthusiasts set sights on $1 before 2025. If this happens, the projection of $20 in 2030 becomes a green light to participants.
In 2017, #Dogecoin surged 9,470%, with two major corrections along the way—one at 40% and another at 84%. In 2021, $DOGE rocketed 30,700%, again seeing two key pullbacks of 46% and 53%.
Now, as #DOGE seems to be entering another parabolic run, remember that corrections are part… pic.twitter.com/7bz7eosMMU
— Ali (@ali_charts) November 13, 2024
Elon Musk Drives Dogecoin
Major factors for the uphill climb of DOGE and the crypto market range from the US elections to Donald Trump’s announcement of the Department of Government Efficiency (DOGE) and the skyrocketing of Bitcoin. BTC price tapped an all-time high above $90k making daily gains as holders push for the $100k mark before 2025.
This created positive inroads for the price of other altcoins and meme tokens. Donald Trump’s win last week ignited the financial market as stakeholders regained confidence. Particularly, crypto was expected to gain momentum after the President-elect embraced Bitcoin during campaigns. The clamor of pro-industry regulations will drive innovations in the markets.
These factors led to the biggest driver of DOGE price, the Department of Government Efficiency to be spearheaded by Elon Musk. DOGE holders joked about the assets as a part of the U.S. government. The community’s frenzy also attracted inflows to the sector.
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