2024-11-13 20:31 |
Dogecoin (DOGE) extended its winning streak for a fifth consecutive day, soaring by 16% in the last 24 hours. Early Tuesday, DOGE climbed past $0.41—a level not seen since May 2021, when it peaked at just over $0.70. Over the past week, the meme coin has delivered returns of more than 150%, nearly tripling in value within 30 days, according to Brave New Coin market data.
The Dogecoin chart is almost X-Rated, source: Trading View
The recent surge in DOGE’s value can be chalked up to a familiar catalyst: Elon Musk. The tech billionaire, who has long been one of the meme coin’s most high-profile cheerleaders, recently stirred up excitement by suggesting a new twist on his beloved DOGE acronym. Musk floated the idea of a “Department of Government Efficiency” (D.O.G.E.), a hypothetical initiative aimed at streamlining government operations and reducing waste. The mere suggestion lit a fire under crypto traders, who speculated wildly about the implications. Adding fuel to the frenzy, discussions about a potential Trump administration adopting this D.O.G.E. concept sent imaginations running wild. The notion of DOGE breaking into the political arena has supercharged trading activity, pushing the token back into the limelight and capturing the market’s undivided attention.
Source: X
The token hit 41 cents, surpassing its April high of 22 cents, and now boasts a market capitalization of over $56 billion, overtaking XRP’s $40.3 billion. Yes, that’s correct, DOGE has flipped XRP.
DOGE has flipped XRP on the Brave New Coin Market Cap Table, Source: BNC
As Tommy Moustache wrote on X, “D.O.G.E. Could be a bigger narrative than AI and other sectors now that President Trump won. Every major news network will be covering D.O.G.E. Elon might meme $DOGE to $1 this cycle. Now that Trump has won and more celebrities might start joining the D.O.G.E. Team with Elon and tweeting about it, this movement might snowball into a new national movement that is constantly covered and written about by major news networks. You need to front run those Bitcoin whales with their thousands of Bitcoin rotating to $DOGE once Bitcoin dominance hits 62% to 65%. $DOGE to $1 is programmed this cycle.”
Source: X
XRP has had a good week too, surging 14% overnight, which will be a rare sigh of relief for XRP holders. However, while Ripple’s XRP is up 15% Year to date, DOGE has outperformed, up a staggering 332% year to date, easily the best-performing coin in the crypto top ten.
The Meme That Won’t DieDogecoin’s charm has always been rooted in its whimsy and community, and despite its origins as a joke, it has outlasted many more “serious” cryptocurrencies. As one of the oldest altcoins in existence—predating even Ethereum—it has carved out a niche as the go-to meme currency, a badge it wears proudly.
Dogecoin is fiercely egalitarian, with no insider benefits or elaborate marketing. Its value comes not from promises of revolutionizing industries but from the shared culture and irreverent humor it represents. For many, it’s more than just an investment—it’s a symbol of the power of memes to transcend the digital world and potentially even reshape real-world institutions, as Musk is now suggesting.
Dogecoin’s whimsical nature has never felt more serious. With Musk at the forefront, could D.O.G.E become a new fixture in American governance? For now, the crypto world is loving the ride.
Doge to a Dollar?The elusive $1 target has once again become a focal point for DOGE believers. It’s a benchmark that has captured imaginations since 2021, with its psychological significance spawning countless “doge to $1” memes over the years. For now, the rally has reignited dreams of making that meme a reality. Can DOGE finally hit $1 this cycle? That’s what the memecoin’s many supporters are hoping for as shown by a chart from legendary trader Angelo at the start of this year, and legendary trader Bluntz, today. Woof.
Source: X
Source: X
For a full history of DOGE, the little memecoin that could, read this. Woof.
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