DOGE Sees Spike in Active Users and Price – Is the Bull Run Just Starting?

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

October 31, 2024

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DOGE has risen by a very slight 0.1% in the past 24 hours, holding to $0.1702 as the wider cryptocurrency market suffers a 2% loss today.

The meme token is now up 21% in a week and by 44% in a year, with its performance receiving a boost from Elon Musk’s ties with Donald Trump’s increasingly promising presidential campaign.

The possibility of Trump appointing Musk to lead a committee on government efficiency has invited hopes that DOGE may somehow benefit directly from a Republic win next week.

Active Dogecoin users and network activity has risen as a result of such hopes, with the meme token benefitting more than most other coins from positivity surrounding Trump’s prospects.

DOGE Sees Spike in Users – Is a Bull Run Starting?

The past few weeks have witnessed significant spikes in active DOGE addresses, with BitInfoCharts data showing an increase from around 40,000 per day at the end of September to peaks of around 80,000 at various points in October.

However, as the chart above makes clear, these recent highs aren’t really any match for the levels Dogecoin reach towards the end of last year and in February and March, when its price rose by more than 100%.

This difference is interesting, in that it suggests that the more recent rally stems more from a smaller, more concentrated number of traders, who may be attempting to pump and then dump the meme token.

Whales have certainly been taking an interest in DOGE in recent days, with one large trader buying over $16 million in the meme coin on Robinhood yesterday.

As mentioned above, Dogecoin is riding on its association with Elon Musk, who may head a committee on government efficiency, should Trump win next week.

Musk has taken the opportunity to associate, however tenuously, this putative committee with Dogecoin, doing so in several tweets and during public appearances.

This has boosted the DOGE price, which is likely to continue rising in the buildup to next week’s election, which will happen on Tuesday.

What Dogecoin’s chart today suggests is that, after a brief correction today, the meme token will rise again over the weekend.

This is what its relative strength index (purple) signals, in that it has fallen below 50 today but is in the middle of a medium-term growth spurt.

As such, we could see DOGE reach $0.175 by the day of the election, with a Trump potentially pushing it to $0.25 by late November.

Hedging Bets with New Presale Tokens

Of course, if Trump loses, Dogecoin could suffer a big comedown, so traders may want to deflect any potential harm by diversifying into alternatives.

This would include presale tokens, with the biggest sale coins often rallying big once they list on exchanges.

One coin with a great chance of doing this is Flockerz (FLOCK), an ERC-20 token that has already raised over $1.1 million in its increasingly popular sale.

Flockerz bills itself as the market’s first vote-to-earn token, rewarding holders for participating in governance votes.

This could make Flockerz very profitable for its community, given that every decision concerning its growth and development will be put its holders.

In addition, holders will also be able to stake the coin, earning a staking income on top of any voting rewards.

FLOCK could therefore enjoy significant demand, with the coin having a max supply of only 12 billion.

Its allocating 25% of its max supply to staking, with 25% going to governance rewards and 20% to staking, making it relatively decentralized.

Investors can join its sale by visiting its official website, with the offering having 50 stages in total.

Participants can currently buy FLOCK at a price of $0.059098, which is likely to prove very cheap once the promising token lists.

Join FLOCK Now