Dogecoin Surges after US Election Results

In the wake of Donald Trump's electoral victory, Dogecoin (DOGE) has emerged as the top-performing cryptocurrency this month amid a broader crypto market rally. The meme coin soared by 50% in the 24 hours leading up to November 12th, surpassing the $0.4 mark last seen in 2021.

Dogecoin's weekly surge exceeded 150% on November 12th, propelling it to the sixth position in the crypto rankings. This surge indicates renewed interest in DOGE among retail investors.

According to IntoTheBlock data, Dogecoin recorded over 6 million transactions during the US election week, the highest level of activity since February. This suggests that retail investors have been quietly accumulating DOGE, contributing to the bullish momentum.

Santiment data also reveals an uptick in Dogecoin activity in the past month. The number of crypto wallets holding less than 100,000 DOGE tokens has grown to 74,885, an indication that small retail investors are investing in the meme coin.

The influx of retail investors into the Dogecoin market reflects a broader trend of retail participation in the market following recent price gains.

While retail wallets increased, larger wallet holders, such as crypto whales and sharks, have decreased to 350, with some recently rejoining the Dogecoin network. This may have contributed to the meme coin's breakout above the $0.4 level.

According to Santiment, a combination of institutional and retail investor support is crucial for sustained Dogecoin momentum. The current rally's sustainability will be tested in the coming days as analysts monitor the behavior of crypto whales and sharks.

Presently, the Dogecoin rally is driven by optimism surrounding Elon Musk's support for Trump and speculation about his potential role in the Trump administration. The price rise has led some crypto traders to bet on Dogecoin potentially reaching $1, a milestone not reached since it crossed $0.7 in 2021.

The "doge to $1" meme has gained traction, and the golden cross pattern on the weekly Dogecoin price chart suggests a positive outlook for the fourth quarter, with some analysts predicting targets of $2 to $4. Others have speculated that the meme coin could reach $30 by March 2025.

As of November 13th morning, DOGE traded at $0.36, down 11% over the past 24 hours. However, trading volume surged by 30% to $36.42 billion, and the market capitalization stood at $55.43 billion.