TL;DR
DOGE has been on a tear, with analysts predicting gains of up to $2. The meme coin market cap has reached nearly $130 billion, with Dogecoin leading the charge along with strong returns from Shiba Inu (SHIB), Bonk Inu (BONK), Brett (BRETT), and Ponke (PONKE). Is DOGE preparing for another bombshell?
Dogecoin (DOGE) has been on fire over the past month, with its price soaring 170%. Last week, it hit a three-year high of over $0.43, while it is currently trading at roughly $0.38 (CoinGecko data).
Price DOGE, Source: CoinGecko
One element that possibly contributes to its impressive performance is Elon Musk’s interaction. The Tesla CEO promised to lead a division called the Department of Government Efficiency (DOGE) in the next Trump administration.
In his role, Musk is expected to cut red tape, reduce government spending and improve efficiency. Not long ago, Trump confirmed the creation of DOGE, describing it as “The Manhattan Project” of our time.
There are many analysts who believe that the recent resurgence in the prices of the main meme currency is just the beginning of a massive jump. Popular analyst Ali Martinez predicted a 120% rise to $0.82, as long as DOGE holds the $0.37 resistance level.
User X Mikybull Crypto predicted a similar rise, while Captain Faibik predicted a rise of up to $2 in the first half of 2025.
Before that, Master Kenobi assumed that bullish factors coming directly from the White House (and some other elements) could make DOGE the fourth largest cryptocurrency.
“The battle will not be easy, as both SOL and BNB will continue to advance. However, with the rapid flow of capital and frenzy in the market, DOGE could easily rise to $2 or even higher,” the analyst suggested.
Taking a closer look at the meme coin sector
Dogecoin isn’t the only meme currency pumping today (November 19), with the entire niche entering green territory again. Shiba Inu (SHIB) is up 6% daily, while Bonk Inu (BONK) is up 8%.
Top finishers include Brett (BRETT) and Ponke (PONKE) who have shot up by double digits in the last 24 hours.
Meanwhile, the market cap of the meme coin niche is at an all-time high of nearly $130 billion. Remember that at the beginning of November, the figure was less than 60 billion dollars.
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