Dogecoin (DOGE) Price Prediction: Higher Highs as Elon Musk and Doge Day Pump the Meme Coin

Dogecoin (DOGE) has surged by 10% in the past 24 hours, emerging as the top performer among the top 10 cryptocurrencies.

Dogecoin (DOGE) has enjoyed a 10% surge in the past 24 hours, making it the top performer among the top 10 cryptocurrencies. This rally comes hot on the heels of the November 2 Doge Day celebration, which honored Kabosu, the Shiba Inu behind the original meme, and a nod to Elon Musk’s influence on Dogecoin.

While the Doge Day festivities certainly brought attention to DOGE and may have sparked some buying interest, it alone is not responsible for the cryptocurrency’s recent gains. Several key catalysts appear to be driving Dogecoin's upward trend, which this analysis will examine.

Dogecoin Has Elon Musk, Doge Day to Thank

Back in October, Dogecoin was trading at $0.10, but now, it trades at $0.17 — a 55% surge over the past 30 days. Several factors are contributing to this notable surge.

The primary catalyst seems to be the traditional Doge Day celebration pump, considering that the Dogecoin community has adopted a second Doge Day celebration in Q4 since 2023. Moreover, Elon Musk’s expression of support for US Republican candidate Donald Trump has likely bolstered interest in DOGE, aligning it with the influence Musk holds within the community.

After the celebration last year, the cryptocurrency’s price went from $0.076 to $0.10. As the price is increasing now and decoupling from the market, it appears that DOGE could be following a similar pattern.

Furthermore, Musk’s posts about the proposed Department of Government Efficiency (D.O.G.E) are also having a positive impact on the price.

On-Chain Metrics Remain Bullish

Following the development, the adjusted price Daily Active Addresses (DAA) divergence has remained positive throughout, indicating that user engagement is strong enough to keep the price going up.

This metric measures whether user engagement is strong enough to keep the price going up. When it is negative, it means the uptrend is weak, and the price can retrace. But since it is positive, Dogecoin’s price might continue to climb.

Regarding Elon Musk’s Dogecoin influence and Donald Trump’s potential win, analyst CryptoGodJohn suggests that the meme coin could gain from these developments

Moreover, data from IntoTheBlock shows that Dogecoin has experienced a rise in the number of short-term holders.

“If Trump wins, it seems like DOGE likely is one of the easiest plays if they form the “ Department of Government Efficiency,” the analyst wrote on X.

The “Balance By Time Held” metric reveals that the count of investors holding DOGE within the past 30 days has increased in comparison to those who have held the asset over the past year. This shift suggests a heightened interest and trading activity among newer market participants, potentially contributing to the recent price hike.

DOGE Price Prediction: Higher Highs

As BeInCrypto earlier analyzed, Dogecoin has been forming a bullish flag pattern. This technical pattern often signals a continuation of an upward trend after a brief consolidation phase.

If confirmed, the bullish flag could indicate that DOGE’s price is preparing for another surge, potentially driven by the recent catalysts mentioned above. Should that be the case, Dogecoin’s price might increase by 30% and hit $0.19 from the recent local bottom at $0.15.

On the other hand, external factors like a loss for Donald Trump could trigger a sell-off as Elon Musk’s Dogecoin impact might not be able to help the coin keep its strength. In that scenario, the price might drop to $0.17.