Last week, Dogecoin experienced massive growth following Donald Trump's election victory, achieving a 92% weekly increase, becoming one of the top-performing cryptocurrencies.
Dogecoin Price Dynamics
Dogecoin's growth boosted its market cap to $42.3 billion, surpassing XRP and USDC, reaching the sixth spot. The daily trading volume also surged by 220%, exceeding $16.8 billion.
Future Growth Prospects
Crypto market analysts suggest a potential strong upward move for Dogecoin. Analyst Ali Martinez predicts significant price peaks, ranging between $3.95 and $23.26. Over the past 24 hours, more than $64 million in liquidations were recorded, with $36 million in short liquidations and $27.64 million in long liquidations. DOGE's open interest increased by 20%, reaching $2.23 billion, indicating heightened market activity and investor interest.
Impact on the Meme Coin Sector
Dogecoin's rally has invigorated the meme coin sector, showing considerable growth over the past week. Shiba Inu (SHIB) surged 20% in the last 24 hours, achieving a 57% weekly gain. Other popular meme coins like Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK) have seen gains between 12% and 25% over the past day, following the trend. The market's rally post-Trump's victory increased the total crypto market cap by $400 billion.
Donald Trump's victory acted as a catalyst for significant growth in Dogecoin and the entire cryptocurrency market. The confident market behavior has sparked optimism among analysts, who now believe in further strengthening of leading cryptocurrencies.
