The largest meme coin by market cap has continued its rally, which was solidified by Donald Trump’s election as the new US president earlier this week, and has soared past $0.23 for the first time since the 2021 bull run.
At the same time, numerous X analysts and users have started to predict rather wild price targets, including one for $3.9 per DOGE.
The chart above showcases DOGE’s massive rally as of late, which drove it from $0.1 last month to $0.23 earlier today. This means that the meme coin soared to its highest price tag in nearly three years after surpassing the 2024 peak of $0.228 charted in March.
Perhaps the most probable reason behind this impressive run is Dogecoin’s affiliation with Elon Musk, who has played a vital role in Donald Trump’s victory in the 2024 US presidential elections. Trump and Musk spoke about establishing a Department of Government Efficiency (D.O.G.E) under the former’s administration, which will be led by Tesla’s CEO.
Given the acronym, DOGE’s price benefited a lot after each time the potential new department was mentioned during the campaign speeches.
Despite already being 110% up on a monthly scale, numerous X traders and analysts predict an even brighter future for the largest meme coin.
Mags, a crypto user with almost 100,000 followers, outlined a ‘conservative’ prediction of $1.17, which could be reached during a meme coin supercycle.
$DOGE pump will melt faces.
Last cycle, I shared Dogecoin before it went up by 170x.
This time, I’m targeting $1.17 – 8x (conservative target)
We are in a memecoin supercycle, and you really think DOGE won’t hit at least $1? https://t.co/2e2PE6ahAX pic.twitter.com/ztP1Ue2XfD
— Mags (@thescalpingpro) November 9, 2024
Kev_Capital_TA was even more bullish, indicating a potential price level of $1.8 or even $3.9 under certain, rather unlikely, circumstances.
In every single #Dogecoin cycle it has reached the 1.618 Macro Golden Pocket. The current Macro golden pocket is $3.90. However if we measure from the top before the Elon Saturday night live craziness then the macro golden pocket is at $1.80 – I personally believe $3.90 is highly… pic.twitter.com/Y0aVFmC2SU
— Kevin (@Kev_Capital_TA) November 9, 2024
