The cryptocurrency industry was seen celebrating Donald Trump’s victory by turning green throughout the week. As Bitcoin (BTC) continues to record new peaks, the rest of the market was following suit. One asset that has been making headlines with its price change is Dogecoin (DOGE).
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Dogecoin Surges By 47%
The OG meme cryptocurrency, Dogecoin, has been on an uptrend for days now. The asset went from trading at a low of $0.1670 last week to a high of $0.4191 earlier today. The meme coin recorded a historic 147% spike over the past seven days. At press time, DOGE was priced at $0.4089 following a 47% throughout the last 24 hours.
Despite this, the meme coin remains 44% below its all-time high of $0.7376. This was attained about four years ago. But considering the asset’s ongoing price momentum, Dogecoin might move beyond its peak and hit the coveted $1 mark.
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Will $1 Turn Into Reality?
There is a special connection between Dogecoin and Trump’s election night triumph. Elon Musk was instrumental in Trump’s campaign and is expected to be a key figure in the president-elect’s government. In addition to this, Musk is a prominent DOGE supporter as well.
On the campaign trail, Trump said that Musk would head a brand-new regulatory body named the Department of Governmental Efficiency (D.O.G.E.) if he were reelected. This has already pumped the meme coin to its current level.
Several analysts believe that Dogecoin could rise to $1 this month if Trump continues to involve Musk. Earlier today, the Washington Post revealed that Trump intends to select pro-crypto individuals for the top cabinet posts in important financial institutions. The action could push investors to look into the meme coin and ultimately purchase the cryptocurrency. Looking back at its 2021 rally, DOGE witnessed a rise following increased buying pressure.
According to data from IntoTheBlock, a staggering 96% of the meme coin holders were making money at its current price. If DOGE manages to rise to $1, the number of DOGE investors in profit will further rise.
