Dogecoin rallies as traders eye Elon Musk’s role in Trump admin
Press Hub UCapital
Share:
Dogecoin’s rally continues, with the token rising 83% over the past week, bolstered by Elon Musk’s endorsement and anticipation of his role in Trump’s incoming administration. Musk's proposed "Department of Government Efficiency" (DOGE) aligns symbolically with Dogecoin, drawing significant attention. Open interest and daily trading volumes for DOGE have reached record highs, highlighting the meme coin’s growing market influence.
Dogecoin Extends Gains Amid Rising Interest and Elon Musk’s Influence
Dogecoin (DOGE) surged to around $0.28, continuing its bullish momentum from the past week. This rise comes as crypto-friendly Donald Trump’s presidential victory and Musk's continued support for Dogecoin invigorate investor interest. Recent data shows DOGE’s open interest reaching an all-time high of $2.26 billion, along with a yearly peak in trading volume at $13.96 billion, underscoring the meme coin’s increasing prominence.
Musk’s Role in Trump’s Administration Boosts Dogecoin
Elon Musk has drawn further attention to Dogecoin through his proposed “Department of Government Efficiency” initiative (DOGE), a symbolic nod to the cryptocurrency. Aimed at reducing government waste, Musk claims the department could save the U.S. up to $2 trillion. His alignment with Trump’s administration and this concept have strengthened the positive sentiment around Dogecoin, driving social media discussions and increased trading activity.
Technical Analysis: DOGE Eyes 2021 Highs
DOGE’s weekly chart has broken through a long-standing resistance level, pointing to sustained bullish sentiment. Trading near $0.278, a continued rise could see DOGE targeting its October 2021 high of $0.34. The weekly RSI sits at 78, indicating an overbought condition that could signal a pullback, though the bullish outlook remains intact if momentum holds above this threshold.
Market Data Shows Increased Interest in Dogecoin Futures
Dogecoin’s bullish trend is supported by on-chain data showing a rise in futures open interest (OI), signaling fresh capital inflows. Coinglass data reveals that DOGE’s OI surged from $1.16 billion on November 5 to $2.26 billion, representing increased speculative interest. Additionally, Token Terminal data reports DOGE’s daily trading volume soared to $13.96 billion, marking a yearly high and reinforcing Dogecoin’s bullish stance.
With Trump’s pro-crypto administration on the horizon and Musk’s backing, Dogecoin’s market performance suggests strong continued interest in the weeks ahead.
Dogecoin Extends Gains Amid Rising Interest and Elon Musk’s Influence
Dogecoin (DOGE) surged to around $0.28, continuing its bullish momentum from the past week. This rise comes as crypto-friendly Donald Trump’s presidential victory and Musk's continued support for Dogecoin invigorate investor interest. Recent data shows DOGE’s open interest reaching an all-time high of $2.26 billion, along with a yearly peak in trading volume at $13.96 billion, underscoring the meme coin’s increasing prominence.
Musk’s Role in Trump’s Administration Boosts Dogecoin
Elon Musk has drawn further attention to Dogecoin through his proposed “Department of Government Efficiency” initiative (DOGE), a symbolic nod to the cryptocurrency. Aimed at reducing government waste, Musk claims the department could save the U.S. up to $2 trillion. His alignment with Trump’s administration and this concept have strengthened the positive sentiment around Dogecoin, driving social media discussions and increased trading activity.
Technical Analysis: DOGE Eyes 2021 Highs
DOGE’s weekly chart has broken through a long-standing resistance level, pointing to sustained bullish sentiment. Trading near $0.278, a continued rise could see DOGE targeting its October 2021 high of $0.34. The weekly RSI sits at 78, indicating an overbought condition that could signal a pullback, though the bullish outlook remains intact if momentum holds above this threshold.
Market Data Shows Increased Interest in Dogecoin Futures
Dogecoin’s bullish trend is supported by on-chain data showing a rise in futures open interest (OI), signaling fresh capital inflows. Coinglass data reveals that DOGE’s OI surged from $1.16 billion on November 5 to $2.26 billion, representing increased speculative interest. Additionally, Token Terminal data reports DOGE’s daily trading volume soared to $13.96 billion, marking a yearly high and reinforcing Dogecoin’s bullish stance.
With Trump’s pro-crypto administration on the horizon and Musk’s backing, Dogecoin’s market performance suggests strong continued interest in the weeks ahead.