Here’s Why DOGE Is Up 97% Weekly

Dogecoin (DOGE), the leading memecoin by market cap, experienced an impressive 97% surge in the past seven days and nearly 30% gains in the last 24 hours.

As one of the top gainers from the price rally following the U.S. presidential election, DOGE has exceeded Circle’s stablecoin, USDC, to become the sixth-largest cryptocurrency by market cap. This notable surge reflects a week of intensified bullish sentiment due to Elon Musk’s influence in the newly re-elected administration. 

Dogecoin Records Remarkable Gain

According to data from CoinStat, DOGE is exchanging hands at $0.2834 at press time, representing a remarkable 25.23% surge in the last 24 hours. 

The notable price surge marks a level last seen in November 2021 during the market’s surge. With recent momentum, DOGE might be on track to challenge its all-time high of $0.7376, set on May 8, 2021.

Additionally, Dogecoin has witnessed fresh interest from big investors who purchased over 2.1 billion DOGE in the last week.  This rise represents the highest level of whale accumulation since January, indicating strong market confidence. Historically, increased whale activity has been associated with price surges, as large players signal a bullish outlook. 

What’s Behind Dogecoin’s Impressive Surge?

DOGE’s recent price surge is related to billionaire Elon Musk’s influence in Donald Trump’s newly re-elected administration. 

Musk, the CEO of SpaceX and a self-described Dogecoin enthusiast who has fervently pumped the asset’s price with his antics over the years, actively threw his support behind Trump, who is seen as a crypto-friendly president. 

Furthermore, Musk spoke about a potential Department of Government Efficiency (D.O.G.E.) within the Trump administration, fueling retail interest and speculation, especially as Trump might enlist Musk to head the agency. This buzz generated significant media attention and helped fuel Dogecoin’s rise, securing multi-month high price marks for the asset.

With Trump’s victory and the current bullish trend in the crypto market due to the Republican candidate’s numerous promises, Dogecoin traders are optimistic that the rally could continue.