Is Dogecoin (DOGE) on Track for 50 Cents with US Election

The dramatic end to the United States presidential elections significantly impacted the cryptocurrency market. As Bitcoin (BTC) recorded a new all-time high, almost all assets in the market followed suit. However, Dogecoin (DOGE) stood out as Donald Trump was flooded with congratulations.

Also Read: US Election Frenzy Could Send Bitcoin (BTC) To $100K, Here’s When?

Looking Into Dogecoin’s Double Digit Surge

The OG meme cryptocurrency, Dogecoin, is the frontrunner in the cryptocurrency market today. The asset went from a low of $0.1662 to a high of $0.2121. Hitting the $0.20 mark has been a major struggle for the meme coin. But the momentum from the latest elections propelled the asset by 24% over the past 24 hours. At press time, DOGE was trading at $0.2023.

It should be noted that Dogecoin temporarily surpassed XRP as the seventh-largest cryptocurrency. As DOGE’s market cap grew to $30.45 billion, it took over Ripple’s cryptocurrency. However, the asset fell back and is currently the eighth largest in the market.

Despite the latest spike in price and market value, Dogecoin remains 72% below its all-time high of $0.7376. This was achieved about three years ago, in 2021. Several believe that if DOGE continues its current momentum, it could rise to this level yet again shortly.

Also Read: Donald Trump Wins 2024 Presidential Election

Trouble in Paradise?

DOGE has repeatedly recorded increases of similar magnitude but failed to maintain them. The asset could be encountering a similar trend now. According to data from CoinCodex, DOGE will struggle over the next couple of days and trade around the $0.166 level throughout the week.

Dogecoin’s current streak will be disrupted in the coming days. However, the asset took a major turn in its price today, and as a result, the meme coin could surprise its investors in the coming days as well.

Also Read: Can US Election Results Propel Bitcoin (BTC) Towards $80K