Dogecoin Rallies Over 12%, Hits Three-Year High on Election News

Dogecoin (DOGE), the largest meme coin by market capitalization, has extended its rally, reaching a three-year high of over $0.23. This surge comes after the election of Donald Trump as US president, who has indicated interest in creating a Department of Government Efficiency (D.O.G.E) led by Tesla CEO Elon Musk.

Analysts Predict Further Gains

Numerous analysts and users have predicted further price targets for DOGE, including a potential high of $3.9 per coin. Mags, a crypto user with a large following, outlined a "conservative" target of $1.17, while Kev_Capital_TA suggested a more bullish estimate of $1.8 or even $3.9 under certain conditions.

Elon Musk's Influence

Dogecoin's recent rally is widely attributed to its association with Elon Musk, who has consistently endorsed the cryptocurrency and played a key role in Trump's election victory. The potential creation of a D.O.G.E. department has fueled speculation that the cryptocurrency could benefit from government support.

Technical Analysis

The chart above shows DOGE's significant rally from $0.1 last month to $0.23, surpassing its previous peak of $0.228 in March 2024. Analysts believe the coin could continue its upward momentum, potentially reaching new highs in the coming months.

Despite its impressive rally, DOGE remains a highly volatile asset, and investors are advised to exercise caution before investing.