Dogecoin 
DOGEUSD the price increased by more than 5% in the last 24 hours to reach $0.3918, outperforming the cryptocurrency market, which increased by around 0.9% in the same period to settle at 3 .09 trillion dollars.
Data from Cointelegraph Markets Pro and TradingView shows that DOGE has been trending upward over the past two weeks, rising 209% from a low of $0.1420 on November 3 to a three-year high of 0.4329 $ on November 12.
Although DOGE is currently trading 11% below that high, several factors support further upside potential for the world’s largest memecoin.
Elon Musk and DOGE
Dogecoin’s bullish case stems from growing investor interest following the victory of US President-elect Donald Trump, Elon Musk, and the proposed Department of Government Efficiency (DOGE). Social media also played a significant role in amplifying this attention, as mentions of Dogecoin increased across all platforms.
This interest intensified among investors and the Dogecoin community when Trump chose Elon Musk to lead the proposed government department alongside Vivek Ramaswamy.
Musk is often referred to as the “Father Doge” due to his influential role in promoting Dogecoin, and whenever he posts about memecoin on his X platform, its price tends to react positively.
Although this interest appears to have waned over the past few days as the price of DOGE retreated, investor interest in Dogecoin has not yet reached its peak, according to Google Trends data. The chart below shows social media interest in Dogecoin over time.
Although the latest rally saw the highest interest since 2021, it has yet to rival the interest seen in May 2021, when DOGE price reached its all-time high of $0.7376.
This data highlights that Dogecoin price has more room to advance as most retail traders are still on the sidelines.
DOGE whales accumulate
Responding to a slight market correction in recent days, Dogecoin whales took advantage of the drop to $0.35. Data shows that whale addresses holding between 10 and 100 million DOGE increased sharply between November 4 and 18.
These large investors accumulated around 140 million DOGE, worth around $56 million, between November 17 and 18.
This purchase likely helped Dogecoin move back into the $0.38 range as larger Dogecoin holders appear to be positioning themselves for higher prices in the future.
DOGE Bull Flag Points to New All-Time Highs
From a technical perspective, DOGE price action has painted a bull flag pattern on the daily chart, as shown below.
A bull flag is a bullish continuation pattern that forms after price consolidates in a descending range following a strong price rally.
The trend will resolve after the price breaks above the flag’s upper trendline at $0.40 and rises as much as the height of the previous uptrend. This places the upper DOGE price target at $0.87, marking new all-time highs for the memecoin.
DOGE’s daily Relative Strength Index is still in the overbought zone at 77, suggesting that the chances of a major pullback are relatively high.
Therefore, a pullback of $0.38 could result in a retest of the flag’s lower trendline at around $0.355. Lower than that, DOGEUSD could move towards the psychological level of $0.30.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.