Dogecoin (DOGE) Becomes One of the Largest Gainers in the New Cryptocurrency Bull Run Catalyzed by the Result of the 2024 US Election

Following Bitcoin's (BTC) series of all-time highs (ATHs), the meme coin exploded toward a new record-high price it hadn't seen for more than three years.

Dogecoin (CRYPTO: DOGE) is not stopping its tracks in H2 2024. After kicking off the year with a 1,200% price surge, the meme coin is now up another 50% in the past day alone.

What Happened: Dogecoin started the 24-hour trading session at $0.2854. It quickly rallied to a high of $0.4359, before pulling back slightly to trade around $0.37 at the time of writing.

The price action represented a gain of 52.73% for DOGE, continuing its impressive rally this year.

Dogecoin’s price surge came amid a broader rally in the cryptocurrency market. Bitcoin (CRYPTO: BTC) rallied to a new 2024 high of $43,333, while Ethereum (CRYPTO: ETH) also rallied to a new high of $3,080.

The rally was sparked by optimism over the result of the 2024 US election, which saw a candidate that is more crypto-friendly elected into office.

Dogecoin, which was created as a joke cryptocurrency in 2013, has become one of the largest gainers in the new bull run. The meme coin is now up over 109% in the past week alone.

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Doge Surpasses XRP: Dogecoin’s strong performance saw it overtake XRP (CRYPTO: XRP) in terms of market capitalization.

Dogecoin’s market cap rose to $54.08 billion, compared to XRP’s market cap of $37.38 billion.

Dogecoin is now the sixth-largest cryptocurrency by market cap, behind Bitcoin, Ethereum, BNB (CRYPTO: BNB), XRP and USDC (CRYPTO: USDC).

Doge Chart Shows Potential Top Cryptocurrency: One crypto trader and analyst on X is highlighting a new bullish chart formation for Dogecoin that could be pointing toward a massive 4,500% price explosion by the meme coin.

Popular crypto trader and analyst Ali Martinez, known in the space for his uncanny ability to identify Fib levels for Bitcoin and key tops and bottoms, shared the following analysis for Dogecoin on Friday.

A test of the middle or upper boundary of the channel puts #Dogecoin $DOGE at $2.40 or $18!

Martinez’s analysis shows a trend channel that has been forming for Dogecoin since 2015, with the token’s price consistently putting in higher lows and higher highs all the way to the present day.

If Dogecoin’s price were to continue following this pattern exactly, a test of the middle boundary of the channel would put DOGE at $2.40, while a test of the upper boundary would put the meme coin at an astronomical $18.

The analysis doesn’t even factor in the possible effects of a Donald Trump presidency and the fruition of Elon Musk’s proposed agency, which alludes to the token’s name.