Dogecoin (DOGE) has made headlines this week with a significant 9% increase, pushing its price above $0.13—its highest point since late July. This surge seems closely linked to comments made by Elon Musk during a public event in Pennsylvania, where he cheekily responded “Yeah, DOGE” when asked about leading a new division in a potential Donald Trump administration. The enthusiastic applause from the crowd likely contributed to the token’s rise.
Elon Musk’s influence on Dogecoin is well-known. Earlier this year, in March, he hinted that Tesla might accept DOGE for payments, leading to a notable price rally. Later, when Tesla officially integrated DOGE as a payment option, the token’s value soared even higher. Musk’s ongoing support, including him calling himself the “DOGEFATHER,” has kept investor interest strong and vibrant.
Here are some of the analysts eyeing DOGE as it is expected to surge in the coming months with Trump’s winning election rumors at a peak.
Analysts Eyeing the Market
Market analysts are keenly observing DOGE’s recent performance. Some, like X user Dylan, believe that DOGE’s rise could lead to a broader revival among altcoins. Meanwhile, Ali Martinez has made a bold prediction that DOGE could potentially reach an all-time high of $10 in the coming months. However, achieving this would necessitate an astonishing market cap of around $1.4 trillion—currently a threshold only approached by Bitcoin.
Strong Market Signals
Moving on, Musk’s increasing support for Trump and the potential implications of his proposed D.O.G.E. initiative has drawn considerable attention to Dogecoin. The town hall event aimed to promote early voting in a crucial state and contributed to DOGE’s impressive one-week gain of over 22%, outpacing the broader cryptocurrency market and Bitcoin’s modest 1% rise in the last 24 hours.
In the meanwhile, Open interest for DOGE, which measures the number of unsettled futures bets, surged to over 5 billion tokens. This increase signals a strong market trend and suggests that traders are anticipating significant price movements ahead.
Looking Ahead
As Musk continues to support Trump’s campaign, his plans for the D.O.G.E. department may bring greater visibility to Dogecoin. If Trump wins the election, increased discussions around DOGE could further spark retail interest in the cryptocurrency.
Influential crypto trader @theunipcs noted that Musk’s ability to “meme” the D.O.G.E. into existence—with Trump’s backing—could elevate Dogecoin’s popularity even more. The excitement surrounding D.O.G.E. may also positively impact other meme projects, such as Floki inspired by Musk’s dog. With these developments, investors remain hopeful for Dogecoin’s bright future. What is your take on this latest DOGE development? Tell us.
