Dogecoin hit $60b market cap; can it reach new all-time high?

Dogecoin Soars in November, Outperforming Top Crypto Assets

Over the past week, Dogecoin (DOGE) has witnessed a remarkable rally, surging by an impressive 143%. This surge has positioned Dogecoin as the standout gainer in the current bullish market.

This upward movement has been fueled by influential developments in the broader market, including political events such as the U.S. presidential election, in which Elon Musk-backed Donald Trump claimed victory on November 6.

On November 7, DOGE overcame temporary resistance and resumed its rally on November 8, ultimately reaching $0.40, a level not seen since June 2021. Dogecoin has since continued to rise, reaching $0.428 at the time of this report, representing a 54% gain in the past 24 hours. Its market capitalization has crossed the $60 billion mark, currently standing at $62 billion, a peak last seen in May 2021. DOGE is now the sixth-largest crypto asset.

Retail Holders Drive DOGE Surge

According to data from Santiment, a significant portion of this surge has been driven by smaller, retail wallets. Over the past month, nearly 75,000 new wallets holding less than 100,000 DOGE have emerged. This indicates that retail enthusiasm has pushed prices higher.

Technical Analysis

Dogecoin has broken through the upper Bollinger Band, indicating an overbought market. However, analyst Ali Martinez highlights potential upside targets, including $2.40 or even $18 if bullish momentum remains intact. Similarly, crypto analyst Crypto Kaleo suggests that the rally is still in its early stages, forecasting potential moves to $0.50 and beyond, with $1 as a major milestone.