Dogecoin Surges After Trump’s Election Victory

Dogecoin Surges After Trump's Election Victory

Last week, Dogecoin (DOGE) emerged as a major gainer following Donald Trump's election victory. The cryptocurrency experienced a remarkable 92% increase on the weekly chart, surpassing XRP and USDC in market capitalization, reaching $42.3 billion, and climbing to sixth place. Its daily trading volume also surged by 220%, exceeding $16.8 billion.

Is Dogecoin Preparing for a Major Rally?

Crypto market experts speculate that a significant price surge for Dogecoin may be imminent. Analyst Ali Martinez suggests that DOGE is on the brink of a substantial upward movement, potentially reaching between $3.95 and $23.26 based on Fibonacci levels.

According to Coinglass, Dogecoin experienced over $64 million in liquidations in the past 24 hours, including $36 million in short position liquidations and $27.64 million in long position liquidations. Open positions have also increased by 20%, reaching $2.23 billion.

The Memecoin Sector Surges

Led by Dogecoin, the memecoin sector witnessed a significant revival over the past week. Shiba Inu (SHIB) jumped 20% in the last 24 hours and 57% for the week.

Other notable memecoins include Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK), which showed increases between 12% and 25% in the past 24 hours. PEPE has garnered attention with a 200% surge.

Overall Market Strength

Following Trump's victory, the total cryptocurrency market value increased by $400 billion, primarily due to Dogecoin's 92% rally. Bitcoin rose by 17.9%, Ethereum by 29%, and Solana by 27%, pushing the total market value to $2.75 trillion.

These recent surges indicate the overall strength of the cryptocurrency market. Bitcoin's price reaching new levels has bolstered analysts' confidence in the $100,000 target.