Dogecoin (DOGE) Skyrockets 11%: What Is Going On?

Dogecoin DOGE/USD is forecasted to experience a major rally, bolstered by Elon Musk's role in Donald Trump's successful re-election bid.

Dogecoin (CRYPTO: DOGE) is up 9% on the day, trading above $0.19 at the time of writing.

What Happened: Dogecoin is experiencing a major rally, bolstered by Elon Musk’s role in Donald Trump’s successful re-election bid.

Crypto analyst Ali Martinez suggests Dogecoin could hit between $4 and $23 if past chart patterns were to play out again in the future.

With @elonmusk now influencing the 47th President, @realDonaldTrump, #Dogecoin could be primed for a wild ride!

In past bull cycles, once $DOGE broke the 0.50 Fib retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see #DOGE hit… pic.twitter.com/VEWXZ0NYOd

— Ali (@MartinezCrypto) November 13, 2024

Trader Altcoin Sherpa touts Dogecoin as one of the best coins to trade, citing high liquidity and volatility. His plan to capture profits during upward momentum involves scalping on low time frames and bidding at demand zones.

His approach includes scalping on low time frames and using the 0.382 Fibonacci level as an entry point if a pullback occurs, while avoiding short positions except for quick trades.

Robinhood Crypto recently announced support for DOGE token transfers, with a 1% bonus on deposits until Nov. 30, boosting trading interest.

Also Read: Dogecoin Skyrockets 11%: What Is Going On?

Why It Matters: IntoTheBlock data shows large transaction volume surged by 45.8%. Daily active addresses dropped by 9%. Transactions greater than $100,000 are up from 586 to 945 in a single day. U.Today cited IntoTheBlock data that around 451.3 million DOGE moved between wallets, a significant increase from 45.3 million. 89% of Dogecoin holders are in profit.

Coinglass data shows open interest surged 18.1% in a single day to $1.6 billion.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future Of Digital Assets event on Nov. 19.