No Dogecoin (DOGE) Investors Currently Losing – Details

TL;DR

Dogecoin (DOGE) briefly overtook Ripple (XRP) in market cap, boosted by Trump’s electoral lead. Analysts are predicting more gains, with some targeting as low as $0.40 or even $1, despite overbought signals. Big win for the DOGE incumbents

The leading meme coin has been one of the best performing cryptocurrencies of late. Today (November 6), its price soared above the psychological level of $0.20 to hit an eight-month high. In the following hours, it retreated slightly and is currently trading around $0.19 (according to CoinGecko data).

Price DOGE, Source: CoinGecko

Its market cap briefly surpassed $30 billion, pushing Ripple (XRP) to become the seventh largest cryptocurrency. Later, however, the figure dropped to $28.5 billion and DOGE returned to eighth place.

Donald Trump’s lead in the US presidential election is an apparent factor driving the meme currency (and the entire cryptocurrency market) rally. The latest data shows that the pro-crypto candidate (according to his promises) is very close to achieving an official victory, with his odds of winning reaching 99.6% on Polymarket. Trump even declared victory, while Kamala Harris has yet to concede.

Dogecoin’s bull run has been very beneficial for investors. According to IntoTheBlock, there are currently no holders underwater, with 89% sitting on some paper profits and 11% in balance.

DOGE Headlines, Source: IntoTheBlock

The picture looked completely different in September 2023, when DOGE was worth around $0.06. At the time, only 42% of holders’ investments were profitable (on paper).

Ready for more earnings?

Numerous analysts believe that Dogecoin’s bull run is still at its starting point, predicting a substantial price jump in the near future. Popular X user KALEO believes the valuation can explode to $0.40 as soon as this week, while CROW set a new ATH target of $1:

IT’S HAPPENING!

And we won’t stop at $1, mark my words$DOGE pic.twitter.com/nt8OOau743

— CROW (@TheCrowtrades) November 6, 2024

However, some important metrics on the chain suggest that DOGE could experience a near-term correction. The relative strength index (which measures the speed and change of price movements), for example, has climbed into bearish territory above 70.

This reading indicates that the asset could be overbought and could be ready for a pullback. Conversely, an RSI ratio below 30 can be interpreted as a buying opportunity.

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