Donald Trump's win in the US election has pushed Dogecoin (DOGE) to be the best-performing cryptocurrency this month as the crypto market rallies. This meme coin has gained 50% over the 24 hours leading up to November 12, crossing the $0.4 mark which was last seen in 2021.
The weekly surge of Dogecoin surpassed 150% on November 12, making the meme coin climb up to 6th position in the crypto rankings chart. This shows that there's a renewed interest in DOGE from retail investors.
As per data from IntoTheBlock, Dogecoin has seen over 6 million transactions in the US election week which is the highest activity witnessed by the meme coin since February. This shows that retail investors have quietly but steadily entered the DOGE market. The transaction spike also suggests that the bullish momentum for the meme coins isn't fading.
Santiment data also showed a surge in Dogecoin activity in the last one month. Crypto wallets holding less than 100,000 DOGE tokens have grown to 74,885 which indicates that small retail investors are banking on it.
This influx of retail traders entering the Dogecoin market reflects a broader trend of retail investors joining the market over the recent hike in prices.
However, while retail wallets grew, larger wallet holders like crypto whales and sharks have decreased to 350 with 108 of them re-entering the Dogecoin network recently. This might be the reason why the meme coin broke out above the $0.4 level.
As per the crypto analytics platform Santiment, both institutional and retail investors are ideal for sustained momentum as they gather DOGE in tandem. The combined influence is necessary to drive market support for Dogecoin.
The sustainability of the current rally will be tested in the next few days as analysts key an eye on crypto whales and sharks. Whether there is a change in outlook triggered by the shift in accumulation behaviour or there's a continuation of the upward trend remains to be seen.
At present, the Dogecoin rally is because of optimism from Elon Musk's support for Trump and speculation that he would join the Trump administration. The price upswing has resulted in some crypto traders betting that Dogecoin will rise to $1, a much-awaited milestone ever since it crossed the $0.7 mark in 2021.
It's a psychological benchmark where “doge to $1” memes get triggered. The golden cross pattern on the weekly Dogecoin price chart indicates a strong Q4 outlook with some analysts setting $2 to $4 targets. Others have speculated that the meme coins will hit $30 by March 2025.
As of November 13 morning, DOGE is trading at $0.3&, down 11% in the last 24 hours while trading volume increased by 30% to be at $36.42 billion and market cap stands at $55.43 billion.