Key Insights:
Dogecoin went from $0.1 to $0.44 within 10 days, making it one of the top 10 gainers this week.
Much of the gains could be attributed to Donald Trump's win and Elon heading Dept of Govt Efficiency.
This month, DOGE has gained 247% within the last week and 350% in the last 10 days.
Analyst Ali expects DOGE to enter a massive rally in 2025, similar to 2017 and 2021.
The possibility of the price falling down to $0.3 remains high due to price corrections.
Dogecoin showed one of its best rallies after 2021. In the current rally DOGE gained 350% within 10 days, starting from $0.1 on 4 Nov to $0.44 on 12 Nov. This growth surprised many since DOGE lost all of its bull market gains despite Bitcoin making a new ATH.
DOGE's Price Trend From Before the US Elections to Department of Government Efficiency Announcement
CoinMarketCap
Much of its growth stems from Elon's long-term undying support for the cryptocurrency and also due to a general tilt towards memecoins in the current bull market.
In the run-up to the current price levels, DOGE flipped XRP and then USDC to become the sixth-largest crypto.
DOGE's Current Position in the Crypto Markets
CoinMarketCap
However, things weren't always this easy. Most of us had lost hope of a DOGE rally a fortnight ago.
Several factors supported DOGE's growth to the $60 billion market cap that we see today. Much of the credit goes to Elon Musk, who is about to head a very important Department within the US government.
The only thing that prevented a 30% crash in DOGE was the high rate of growth in memecoins. The crypto market growth was very much tilted towards the memecoins, which remained the fastest growing sector within crypto throughout the year.
Had it not been for these super-charged memecoins, we could have seen DOGE sink to $0.7 at least.
Dogecoin was in a bearish mode before Donald Trump won the US elections. When he won, the crypto immediately sprang from $0.11 to $0.35 and then moved further on the Department of Government Efficiency announcement.
DOGE's Price Trend From Before the US Elections to Department of Government Efficiency Announcement
CoinMarketCap
Ahead of the US presidential elections, Elon Musk championed the concept of a "Department of Government Efficiency," all while giving a nod to his beloved cryptocurrency, Dogecoin (DOGE).
Not surprisingly Donald Trump installed Elon Musk and former Republican Primary Vivek Ramaswamy to head this newly created department that would ensure bureaucratic efficiency and fight with extreme liberal ideas within the US government.
The mention of DOGE spurred the crypto into a huge rally, more than doubling its price from $0.19 to $0.46 within a week.
DOGE's Rally From $0.19 to $0.44
CoinMarketCap
DOGE had corrected almost 10% at press time and could soon draw down towards $0.3. However, as the crypto markets stabilize, another wave of growth is expected.
A correction was also expected because, generally, after such a huge rally of around 247% in the matter of a week, there are bound to be such light corrections.
In the markets, corrections are seen as preparations for the next leg of the rally. These are not to be confused with bearish drawdowns or market crashes, where the percentage of fall from high levels is around 30%. In corrections, the percentage of falls from such highs is around 10% to 15%.
Analyst Ali, better known by this X.com handle as Ali Charts, has predicted that DOGE could soon experience large growth, similar to what we saw in 2017 and 2021.
Though he did not mention any explicit targets this time, these could align with the past gains. A 2017-like rally could take DOGE to $1 while a 20241-like super rally could help DOGE reach $3.
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