Dogecoin (DOGE) Eyes $1.17 This Cycle as Memecoins Dominate the Market

The global cryptocurrency market has surged dramatically recently as Bitcoin reached new peaks following the election of pro-crypto Donald Trump as president of the United States last week.

The global cryptocurrency market has seen a dramatic surge recently, with Bitcoin (BTC) reaching new highs following the election of pro-crypto Donald Trump as president of the United States last week.

This remarkable trend is evident in the surging prices of memecoins like Dogecoin (DOGE), dogwifhat (WIF), and Floki (FLOKI), all of which have seen double-digit increases in the past 24 hours.

Bitcoin Surges Past $81K, Memecoins Steal the Show - Decrypt

BTC/USD daily chart. Source: TradingView

Bitcoin Surges Past $81K, Memecoins Steal the Show - Decrypt

Bitcoin, the world’s largest cryptocurrency, has surged dramatically since early November, climbing from around $68,000 on November 4 to a high of nearly $75,000 on November 5, the day of the election.

It continued to rise after that, setting a new record of $81,858.29 a few hours ago, around 23:00 Sunday, Eastern Time (ET). However, it has since seen a slight decline of roughly 1% and is currently trading at $81,061 at the time of writing.

Bitcoin now has a market capitalization of over $1.6 trillion, making it the 9th largest asset globally among all asset categories, including public companies, precious metals, cryptocurrencies, and ETFs.

Dogecoin Eyes $1.17 This Cycle

Dogecoin, the original memecoin, has shown remarkable performance recently, climbing by 86.13% in the past week and 154.61% over the last 30 days.

This surge follows the market’s excitement regarding the Department of Government Efficiency (D.O.G.E) proposed by Elon Musk during Trump’s presidency.

Additionally, the announcement on November 8 that Spirit Blockchain Capital has finalized its acquisition of Dogecoin Holdings could boost the global usage of DOGE, which has recently overtaken USDC to become the 6th largest coin by market capitalization.

As we enter another bullish market phase, investors seem to be placing significant bets on Dogecoin, considering it was one of the top performers during the 2020/2021 crypto bull run.

To put things into perspective, it surged from $0.003 in late 2020 to $0.7376 in May 2021.

In line with this bullish trend, a crypto analyst named Mags (@thescalpingpro) on social media platform X has forecasted that the coin’s price will continue to rise, estimating it could reach $1.17 in this cycle.

$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

Dogwifhat and Floki Steal the Show

dogwifhat and FLOKI memecoins have also emerged as top performers today, reaching levels not seen for several weeks after experiencing double-digit gains over the past day and week.

The dogwifhat price has soared by 20.25% within the last 24 hours, reaching a one-month peak of $3.00. The WIF token has a market cap of $2.9 billion and a trading volume of $1.71 billion over the last 24 hours.

The sentiment surrounding dogwifhat has transitioned from bearish to bullish, indicating a positive outlook in the near term. Key support and resistance levels have been identified, with expectations of a significant price rise.

In contrast, Floki has experienced a 16.96% increase in the past 24 hours. It currently trades at $0.0001753 and holds a market cap of $1.68 billion. Over the last week, it has risen by 42.87%, making it one of the top-performing memecoins since the “Uptober” frenzy.

Interestingly, Floki (FLOKI) has broken free from a falling wedge pattern, which is typically a bullish signal. This breakout suggests a probable shift to a bullish trend.