Dogecoin, the popular Shiba Inu-derived memecoin, saw a 1.11% decline in the past 24 hours, but it remains a beacon of bullish sentiment in the cryptocurrency market. Current data indicates that 96% of DOGE holders are making profits, reflecting a strong recovery from previous lows and significant market interest.
The recent slowdown follows a period of remarkable growth, during which DOGE surged by approximately more than 100% last week, reaching highs not seen in two years. This rally has increased investor confidence, with many speculating that memecoin could soon challenge its all-time high of $0.7376.
Elon Musk’s influence on Dogecoin
Elon Musk’s long-time support of Dogecoin has been of great significance to the memecoin, as his past endorsements have often led to dramatic price increases.
Musk’s influence on the coin continues to have a significant impact on the price of Dogecoin. Following Donald Trump’s recent proposal to create a Department of Government Effectiveness (DOGE), with Elon Musk and Vivek Ramaswamy as leading figures excited the community.
This connection helped DOGE gain momentum and the coin saw an increase of around 11%.
Although he has not made any recent comments specifically on DOGE, his involvement in the Trump administration has once again increased investor interest, further boosting bullish sentiment.
Future outlook
Analysts suggest that if current trends continue, Dogecoin could see further price appreciation, potentially reaching the most anticipated $1 mark as market dynamics evolve.
At press time, the memecoin price is $0.38 with a market cap of $56.26 billion.
With 96% of DOGE holders currently in profit and strong support from the memecoin community, investors remain optimistic about future price movements. Dogecoin could potentially challenge previous highs, especially with Musk’s continued influence and memecoin’s popularity within the community.
Read also: Ripple and Cardano hint at potential collaboration