Dogecoin Overtakes XRP as Elon’s Influence Pushes DOGE to 2021 Highs – Could $10 Be Next?

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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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November 12, 2024 09:32 EST

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The price of Dogecoin has exploded by an astonishing 40% in the past 24 hours, surging to $0.4277 as buyers continue to bet that the meme token will benefit from Elon Musk’s involvement in the incoming Trump administration.

The cryptocurrency market as a whole is up by 6% today, with BTC touching new record highs once again, yet it’s Dogecoin that’s leading the charge, with the token now up by 150% in a week.

Musk has long been a Dogecoin holder and supporter, yet his likely promotion to a governmental role could possibly mean big things for DOGE.

And with the meme token now overtaking XRP today to become the sixth-biggest coin in the market (by cap), it looks like it has the momentum to reach $1 – or higher – pretty soon.

Dogecoin Overtakes XRP as Elon’s Influence Pushes DOGE to 2021 Highs – Could $10 Be Next?

Of course, there’s the risk that Dogecoin could dip a little in the next day or so, given that its indicators have very much entered an overbought position.

Its relative strength index (purple) has risen above 80 this morning, and now looks like it may be on its way down.

However, because Dogecoin had spent much of the past year underperforming, we could see elevated indicators for a while yet, as institutional and retail investors buy up DOGE while it’s still relatively cheap.

Indeed, it remains 41% down from its all-time high of $0.7316, which it set back in May 2021.

It therefore has plenty of space to continue surging, before it becomes properly overbought.

As noted above, Dogecoin is riding high purely because of Elon Musk, who has helped bring attention to the meme token (yet again) by nicknaming a governmental committee he may be joining after the meme token.

While there’s no real indication that Musk’s involvement in the Trump administration would directly result in Dogecoin use or adoption, it has at least served to shine a very big spotlight on the alt.

And given that Dogecoin had been starved of good news for a couple of years prior to the election, this may be enough on its own to keep it rallying for several weeks or months to come.

Whales are certainly accumulating the token in significant quantities, while its volume today – at an incredible (for a meme token) $35.6 billion – would also indicate that retail has joined the fray as well.

Given this explosion, Dogecoin could set a new all-time high by the end of the month, while it could even reach $1 or higher by the end of the year.

Presale Coins Could Also Surge

It would be hard to question Dogecoin’s ability to make further gains in the coming weeks and months, yet it won’t be the only coin to make a big profit from the developing bull market.

Presale coins are also likely to outperform averages, with those sales that generate the most interest likely to translate into big openings.

One coin with a real chance of doing this is FreeDum Fighters (DUM), an ERC-20 coin that has now raised over $470,000 in its recently launched token offering.

What makes FreeDum Fighters unique is its approach to staking, with DUM holders able to stake their tokens in one of two pools.

Each of these pools take their stylings from the candidates in last week’s US presidential election, with one named Magatron (after Donald Trump) and the other Kamacop (after Kamala Harris).

What’s interesting about its separate staking pool’s is that the least popular pool at any given time while increase its yield, so as to attract holders back to it.

Such a mechanism is designed to increase community engagement, with FreeDum Fighters hosting its own online forums, in which users can debate and share info.

Also incentivizing involvement is the fact that winners of debates will receive the proceeds of weekly airdrops, which in addition to staking rewards should create considerable demand for DUM.

Investors can enter the coin’s sale by going to FreeDum Fighters’ website, where DUM costs $0.000075.

This will rise to $0.0001 and then $0.000125 in the third and fourth stages of the presale, at which point the coin will list on exchanges.

Given FreeDum Fighters’ unique design, it has every chance of rallying strongly once it lists for the first time.

Buy DUM Now