(24-hour Dogecoin price trend)

Dogecoin Experiences Market Volatility Amidst News and Speculation

As of November 13, 2024, at 3 PM, Dogecoin (DOGE) was valued at $0.36537577775626. Within the past 24 hours, its trading volume reached an impressive $36953734440.297, experiencing a notable decline of -9.49211876% in price.

The current circulating supply of Dogecoin stands at 146770276383.71, while its maximum supply and total supply remain undisclosed. The cryptocurrency's market capitalization currently stands at $53626303885.197.

Recent news and speculations have significantly impacted the market performance of Dogecoin. Earlier this week, the digital asset surged to an all-time high, sparked by announcements that former U.S. President Donald Trump had established a "Department of Government Efficiency," with Tesla CEO Elon Musk and venture capitalist Vivek Ramaswamy set to lead the department. This news fueled speculation that Dogecoin could potentially reach a market capitalization of $5 trillion.

However, the cryptocurrency's value has since experienced a sharp correction, raising concerns about the sustainability of its recent gains. Some analysts have cautioned that the hype surrounding Dogecoin may lead to a price bubble, leaving investors vulnerable to significant losses.

Despite the current volatility, Dogecoin remains a widely popular cryptocurrency among investors and enthusiasts due to its low price and the support it receives from influential figures such as Elon Musk. Its future performance remains uncertain, but it is evident that Dogecoin is a highly speculative asset that is susceptible to rapid fluctuations in price.