Why is Dogecoin price up today?

Dogecoin (DOGE), the biggest memecoin by market capitalization, has rallied greater than 23% prior to now 24 hours, rising as the most effective crypto market performer amid anticipation surrounding Elon Musk’s help of the memecoin within the Trump administration. 

At present buying and selling at $0.2771, DOGE has reached its highest worth since Oct. 2021, marking an 86% climb over the past seven days and is up 152% over the past month.

DOGE now instructions a market capitalization of over $41.2 billion on the time of publication, surpassing USDC’s (USDC) $36.9 billion and XRP’s (XRP) $32.7 billion capitalization to change into the sixth-largest crypto by market worth.

Professional-crypto Trump’s victory boosts DOGE worth

DOGE’s bullish stance coincides with rallies throughout the crypto market, which despatched Bitcoin (BTC) into worth discovery, setting a brand new all-time excessive above $82,000 on Nov. 11. This comes lower than seven days after Donald Trump emerged victorious within the 2024 US presidential election.

DOGE, with its fame as a community-driven, high-volatility memecoin, is benefiting from renewed buying and selling curiosity on account of the opportunity of its abbreviation changing into part of Donald Trump’s new administration.

Whereas on the marketing campaign path in help of Trump, Elon Musk proposed the institution of the “Division of Authorities Effectivity” geared toward lowering authorities waste—an idea conveniently abbreviated as D.O.G.E.

This has triggered hypothesis amongst merchants that there may very well be extra to D.O.G.E. than simply an abbreviation for a doable authorities division, fueling consideration and curiosity in Dogecoin.

DOGE funding charges spike

DOGE’s bullish worth motion on Nov. 11 is preceded by a soar in open interest-weighted funding fee, suggesting that new capital is getting into the market. The chart beneath exhibits that DOGE’s 8-hour OI-weighted funding fee elevated to 0.0448% on Nov. 11, the very best since June 2024. 

This implies a excessive urge for food for lengthy positions as DOGE’s worth gained round 23% over the past 24 hours.

DOGE’s rally on Nov. 10 was accompanied by brief liquidations totaling $37.25 million in opposition to $24 in lengthy liquidations. This has resulted in additional than $36.4 million brief DOGE liquidations over the past 24 hours.

In different phrases, brief merchants had been caught off-guard by DOGE’s rise to $0.30.

DOGE’s U-shaped sample factors to an increase to $0.37

Dogecoin’s beneficial properties immediately are a part of a 259%% rebound from the Aug. 5 lows round $0.080, resulting in the formation of a golden cross on its day by day chart, recouping all of the losses incurred between March 28 and Aug. 5. 

Associated: Worth evaluation 11/8: BTC, ETH, SOL, BNB, XRP, DOGE, TON, ADA, SHIB, AVAX

A golden cross is a bullish technical sample that happens when a shorter-term shifting common, sometimes the 50-day shifting common (MA), crosses above a longer-term shifting common, often the 200-day MA.

The formation of this bullish sign on Nov. 6 noticed DOGE worth make a decisive transfer above the neckline of a U-shaped restoration sample at $0.228.

A decisive shut above the psychological degree at $0.30 will seemingly push DOGE/USD towards the bullish goal of the prevailing sample at $0.377, representing greater than 34% beneficial properties from the present worth.  

Conversely, a retreat from $0.28 may see a retest of the U-shaped neckline at round $0.22.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.