Dogecoin Surges 45% as Bitcoin Hits New ATH Amid Post-Election Optimism
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Dogecoin ($DOGE) is back in the spotlight as it surges to a 3-year high, crossing the $0.41 mark.
The meme-based cryptocurrency witnessed an impressive 45% growth in the past 24 hours, with its price climbing from $0.2761 to $0.4198 during this period.
Over the week, DOGE recorded a 65% increase, jumping from $0.18 to its current levels.
Dogecoin Market Cap Reaches $58 Billion
The recent rally pushed Dogecoin’s market capitalization to $58.17 billion, reinforcing its position as one of the top cryptocurrencies.
Trading activity also surged, with a 24-hour trading volume of $25 billion, according to data from CoinMarketCap.
The circulating supply of DOGE stands at 146.76 billion tokens, and despite its recent rally, it remains below its all-time high of $0.7376, achieved in May 2021.
The surge in the price of Doge comes as Bitcoin has recently surged to a new all-time high, surpassing $88,000, amid optimism surrounding Donald Trump’s election victory.
Following Trump’s victory, Bitcoin’s price experienced a notable rise, reaching $74,443 to surpass its previous ATH.
The leading cryptocurrency has since resumed its rally, recording new highs one after the other.
The rally is largely attributed to the “Trump trade,” which has sparked a new surge in the markets.
The bullish trend is attributed to expectations that the Trump administration will implement crypto-friendly policies, potentially boosting the digital asset market.
During his campaign, Trump expressed support for cryptocurrencies, pledging to make the U.S. “the crypto capital of the planet” and proposing the creation of a national Bitcoin reserve.
The market’s positive response to Trump’s election indicates a strong correlation between political developments and cryptocurrency valuations.
MicroStrategy Purchases More BTC
Further strengthening market sentiment, Michael Saylor’s MicroStrategy has bolstered its position as the largest corporate holder of Bitcoin with a new purchase of 27,200 BTC.
As reported, the acquisition, valued at $2.03 billion, was made between October 31 and November 10, 2024, at an average price of $74,463 per coin, including fees.
The latest addition brings MicroStrategy’s total Bitcoin holdings to approximately 279,420 BTC, acquired for an aggregate $11.9 billion.
The company’s average purchase price now stands at $42,692 per coin, compared to Bitcoin’s current price of $81,700.
In other positive news, digital asset investment products attracted a robust $1.98 billion in the past week, marking the fifth consecutive week of inflows.
The influx brings the year-to-date figure to a record $31.3 billion, according to a recent report from CoinShares.
The surge in investments has pushed the global assets under management to a new peak of $116 billion.
Bitcoin led the charge with inflows totaling $1.8 billion, buoyed by a favorable macroeconomic environment and recent US political shifts.
Ethereum also showed signs of recovery, registering its highest inflow since the ETF launches in July, with $157 million last week.
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