The price of Dogecoin (DOGE) has risen 48% in the last 24 hours and nearly doubled in the past five days amid a broader rally in cryptocurrencies.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Dogecoin has now risen 95% since Donald Trump won the U.S. presidential election on November 5. The meme coin’s price has topped $0.40 for the first time since May 2021, when it set an all-time high of just over $0.70.
The current rally has reignited hopes among crypto bulls that Dogecoin will rally to $1, which has long been a goal among fans of the popular meme coin. Dogecoin is an image of a cartoon dog. The digital token was started as a joke but has developed a loyal base of supporters in recent years.
Association with Elon Musk
Much of the popularity and acceptance of Dogecoin is due to the meme coin’s association with Tesla (TSLA) CEO Elon Musk. At various times, Musk has promoted Dogecoin on social media, pumping up the price. The current rally in DOGE comes on expectations for lighter regulations and more widespread adoption of crypto under a second Trump term.
It also comes as Elon Musk, one of Trump’s biggest campaign supporters, is viewed as a winner in the U.S. election outcome. Musk has talked of creating a “Department of Government Efficiency,” which is abbreviated as D.O.G.E, that will make government spending more efficient. Investors appear to be latching onto Musk’s association with Dogecoin amid the broader rally in crypto.
Is DOGE a Buy?
There are no analyst ratings or price targets on Dogecoin. So instead we look at the three month performance of the meme coin. As one can see in the chart below, the price of DOGE has risen 247% over the last three months amid a massive rally in the broader cryptocurrency market.
