Due to Dogecoin’s affiliation with Elon Musk, who is anticipated to play a part in the incoming Trump administration, buyers are still gravitating toward the cryptocurrency.
As investors continue to place bets that Dogecoin will profit from Elon Musk’s involvement in the incoming Trump administration, the meme token’s price has risen to $0.4277, an incredible 40% increase in just one day.
The entire cryptocurrency market is up 6% today, with Bitcoin once again reaching all-time highs. However, Dogecoin is driving the charge, as the token has increased by 150% in just one week.
Although Musk has long supported and owned Dogecoin, DOGE may benefit greatly from his anticipated promotion to a government position.
Additionally, it appears that the meme token has the momentum to hit $1 or higher very soon, as it surpassed XRP today to become the sixth-biggest coin in the market (by cap).
Dogecoin Overtakes XRP as Elon’s Influence Pushes DOGE to 2021 Highs – Could $10 Be Next?
Given that Dogecoin’s indicators have clearly entered an overbought position, there is a chance that it will decline slightly over the course of the next day or so.
After rising above 80 this morning, its purple relative strength index now appears to be headed downward.
However, as institutional and retail investors purchase DOGE while it is still reasonably priced, we may continue to see elevated indicators for some time to come because Dogecoin had underperformed for the majority of the previous year.
In fact, it is still 41% below its peak of $0.7316, which it reached in May 2021.
As a result, it has plenty of room to rise further before it is appropriately overbought.
As previously mentioned, the sole reason Dogecoin is soaring is due to Elon Musk, who has once again contributed to the meme token’s popularity by teasing a governmental committee he might be joining after the meme token.
DOGE
— naiive (@naiivememe) November 11, 2024
Department Of Government Efficiency pic.twitter.com/ho03Ys745l
Even though there is not any concrete proof that Musk’s involvement with the Trump administration will lead to Dogecoin adoption or use, it has at least given the alt a lot of attention.
Additionally, this might be sufficient on its own to keep Dogecoin rallying for a few weeks or months to come, considering that it had been devoid of positive news for a few years before the election.
Whales are certainly accumulating the token in significant quantities, while its volume today – at an incredible (for a meme token) $35.6 billion – would also indicate that retail has joined the fray as well.
🚨 38,116,783 #DOGE (11,735,748 USD) transferred from #Coinbase to unknown wallethttps://t.co/JKC9n7WUHQ
— Whale Alert (@whale_alert) November 11, 2024
By the end of this month, Dogecoin might reach a new all-time high, and by the end of the year, it might even hit $1 or more.
Presale Coins Could Also Surge
Dogecoin’s potential to gain more in the upcoming weeks and months is unlikely to be questioned, but it will not be the only coin to profit greatly from the emerging bull market.
Additionally, pre-sale coins are likely to perform better than average, with the most interest-generating sales probably resulting in large openings.
One coin with a real chance of doing this is FreeDum Fighters (DUM), an ERC-20 coin that has now raised over $470,000 in its recently launched token offering.
We have reached a great milestone that will push these elections forward a great distance!
— FreeDum Fighters (@Freedum_Fighter) November 2, 2024
$400k raised in the $DUM presale 🌟 pic.twitter.com/uBA9p53YDh
DUM holders can stake their tokens in one of two pools, which is what distinguishes FreeDum Fighters from other staking platforms.
Both of these pools, one called Magatron (after Donald Trump) and the other called Kamacop (after Kamala Harris), borrow their styles from the contenders in the US presidential election that took place last week.
The intriguing thing about its distinct staking pools is that, in order to draw holders back to it, the least popular pool at any given time will raise its yield.
FreeDum Fighters hosts its own online forums where users can discuss and exchange information in an effort to boost community engagement.
The fact that debate winners will get weekly airdrop profits, in addition to staking rewards, should generate a significant demand for DUM and encourage participation.
Investors can enter the coin’s sale by going to FreeDum Fighters’ website, where DUM costs $0.000075.
In the third and fourth phases of the presale, this will increase to $0.0001 and then $0.000125, after which the coin will list on exchanges.
FreeDum Fighters has a good chance of rallying once it lists for the first time because of its distinctive design.