If there’s one cryptocurrency that benefitted the most from Donald Trump’s victory last week, it’s the meme coin king Dogecoin (DOGE). With a staggering 92% gain on the weekly chart, DOGE overtakes XRP and USDC as the sixth-largest cryptocurrency with a market cap of $42.3 billion. Also, the daily trading volume has surged by 220% shooting all the way past $16.8 billion.
Dogecoin Preparing for Mega Bull Run?
Crypto market analysts believe that this could be the beginning of the mega rally for Dogecoin price. As per crypto analyst Ali Martinez, DOGE could be on the verge of a major upward move.
Citing the historical chart patterns, Martinez noted that a potential peak for the meme coin occurs between the 1.618 and 2.272 Fibonacci levels. This could potentially put the DOGE price in the target range between $3.95 and $23.26. This projection signals a substantial opportunity for growth as Dogecoin approaches a possible parabolic phase.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
The Coinglass liquidation data shows that in the last 24 hours, over $64 million in Dogecoin liquidations took place. Of these, $36 million are in short liquidations and $27.64 million in long liquidations. Additionally, the open interest for the meme coin has surged by 20% shooting past $2.23 billion.
Following Trump’s election win, the crypto market cap has skyrocketed by $400 billion, with Dogecoin leading the charge among large-cap coins with a remarkable 92% rally over the past week.
Bitcoin has gained 17.9%, Ethereum 29%, and Solana 27%, boosting the overall market cap to $2.75 trillion—just short of the $2.76 trillion peak from March 2024.
Meme Coin Sector Sees Strong Revival
Led by Dogecoin, the entire meme coin sector saw a massive revival over the past week with the top memecoins participating in this rally. Apart from DOGE, Shiba Inu (SHIB) is up by 20% in the last 24 hours taking its weekly gains to more than 57%.
Other top-performing cryptos in this sector include Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK), with each registering 12-25% gains in the last 24 hours. With its recent move, the PEPE price has given a strong breakout eyeing another 200% rally ahead.
This shows that the memecoin sector is seeing the most gains following the Donald Trump victory contributing to a strong rally in the broader crypto market. With the Bitcoin price hitting a new all-time high at $81,843 levels, analysts are eyeing the next move to $100K levels. It will be interesting to see how this rally continues further.
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