Meme coins have been trading green since the US election despite some fluctuations, with Dogecoin (DOGE) leading the rally. After a period of price swings and cautious investor sentiment, Dogecoin’s recent rally has sparked fresh optimism among meme coin enthusiasts. Supported by retail demand and favorable market conditions, DOGE’s upswing has brought renewed energy to the meme coin sector.
Dogecoin’s impact extends beyond seasoned crypto circles, drawing in new investors. In a recent broadcast, Crypto influencer Cryptollica highlighted DOGE’s key role as a popular entry point into cryptocurrency. With a high 0.92 correlation to Bitcoin, DOGE’s price often aligns with BTC movements.
Son 30 günde Bitcoin ile en yüksek korelasyona sahip alt koin: DOGE
Korelasyon matriksinde yer alan 10 alt koini incelediğimizde DOGE’nin, Bitcoin ile 0,92 ile oldukça yüksek pozitif bir korelasyona sahip olduğunu görüyoruz. Bitcoin yükseldikçe DOGE’de yükseliyor. Sevgili… pic.twitter.com/YAYSoFFah7
— Burak Kesmeci (@burak_kesmeci) November 7, 2024
Link to Bitcoin Trends
Data analytics firm IntoTheBlock shows this close link in their correlation matrix, hinting that Dogecoin’s future may depend on Bitcoin trends. Traders are watching closely, especially for any shift in Bitcoin’s price direction. On-chain data reflects the rise of retail interest in DOGE, with a noticeable influx of new investors. This growing retail interest has helped fuel DOGE’s recent gains alongside Bitcoin’s upward trend.
Technical charts show that Dogecoin has found support around its 2023 highs, marking a potential end to its previous downward trend. This shift suggests a possible recovery for DOGE, with signs it may climb back toward its peak levels from 2021. As of press time, DOGE is trading at $0.2051, indicating a 31% increase over the past day.
Potential for Gains
If these trends persist, Dogecoin’s placement above significant Fibonacci retracement levels from prior high suggests further upside in its price. DOGE’s ongoing rally could lead it to retest higher levels and potentially spark another meme coin surge.
DOGE Drops 5% After Rallying 25% Post U.S. Election Results
Looking forward, DOGE’s path remains linked to Bitcoin’s moves and the broader crypto market. While Bitcoin’s dominance recently reached 60%, DOGE has held a strong base around its 2023 highs, showing resilience in a fluctuating market. Although Dogecoin hasn’t fully mirrored Bitcoin’s recent peaks, historical trends point to a potential meme coin season in 2025, which could push DOGE to new heights.
This week, Dogecoin has outpaced other meme coins, setting the pace for tokens like Shiba Inu (SHIB), Pepe (PEPE), and FLOKI. Although Shiba Inu also saw gains, its performance hasn’t matched DOGE’s surge. Dogecoin currently leads the meme coin rally, carving a promising path for the sector.
