Dogecoin (DOGE) Rises 92%, Overtaking XRP and USDC and Leading the Meme Coin Rally

Last updated:11/11/2024

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Dogecoin surged two spots to sixth place, overtaking XRP and USDC, as the meme coin rally was propelled by a $10 billion valuation gain.

Key Takeaways:

According to cryptocurrency analyst Ali Martinez, Dogecoin may rise between $3.95 to $23.26.
Additionally, open interest in DOGE has increased by 20% to $2.23 billion.
With Shiba Inu (SHIB), Pepe Coin (PEPE), and other meme coins posting significant gains, the meme coin industry is experiencing a resurgence of interest.

Following Donald Trump’s triumph last week, Dogecoin (DOGE), the largest meme coin in the world, has benefited the most, increasing its weekly gains to over 92%. With this, DOGE’s market capitalisation has surged to $42.3 billion, propelling it to the sixth position, surpassing both XRP and USDC. Additionally, it saw a startling 220% increase in daily trade volumes, surpassing $16.8 billion.

Dogecoin Gearing Up for Massive Price Increase?

Dogecoin price gurus are predicting that this might be the start of a massive rise. Doge may be about to experience a huge price surge, according to crypto expert Ali Martinez.

Martinez pointed out that the meme currency might reach its highest point between the 1.618 and 2.272 Fibonacci levels, based on the patterns seen in the market’s past. As a result, the DOGE price may fall somewhere between $3.95 and $23.26, which is the intended range. This forecast indicates a huge potential for development as Dogecoin gets closer to a potential parabolic phase.

#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o

— Ali (@ali_charts) November 10, 2024

According to the data provided by Coinglass, more than $64 million worth of Dogecoin was liquidated in the past 24 hours. Among these, $27.64 million is in lengthy liquidations and $36 million is in short liquidations. Not only that, but the meme coin’s open interest has skyrocketed, going over $2.23 billion, a 20% increase.

With Trump’s victory in the election, the market cap of cryptocurrencies has surged by $400 billion. Among large-cap coins, Dogecoin has had the most impressive 92% gain in the previous week.

The total market valuation has increased to $2.75 trillion, falling just short of the $2.76 trillion top from March 2024, because to gains of 17.9% for Bitcoin, 29% for Ethereum, and 27% for Solana.

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The Meme Coin Industry Is Booming

Over the past week, the meme coin industry as a whole witnessed a tremendous renaissance, with Dogecoin at the forefront of this upswing. Besides DOGE, Shiba Inu (SHIB) has gained almost 57% in the past week, thanks to a 20% increase in the past 24 hours.

Other leading cryptocurrencies in this space include Bonk (BONK), Dogwifhat (WIF), and Pepe Coin (PEPE), all of which have seen rises of 12-25% in the past day. The price of PEPE has recently made a significant breakout, suggesting that there is potential for another 200% increase in the near future.

This demonstrates that, since Donald Trump’s victory, the memecoin sector has been the most positively affected by the overall crypto market’s robust rally. Now that the price of Bitcoin has reached a new all-time high of $81,843, experts are predicting that it could soon reach $100,000. How far this rally goes is something to watch with interest.

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