Dogecoin (DOGE) rallies 12% to 3-year high amid ‘face melting’ price predictions

The largest meme coin by market capitalization has continued its rally, which was solidified by the election of Donald Trump as the new president of the United States earlier this week, and has soared above 0, $23 for the first time since the bull run of 2021.

At the same time, numerous analysts and X users have started predicting some pretty wild price targets, including one for $3.9 per DOGE.

DOGE/USD. Source: TradingView

The chart above shows DOGE’s big rally recently, which took it from $0.1 last month to $0.23 earlier today. This means the meme coin soared to its highest price in nearly three years after surpassing the 2024 high of $0.228 in March.

Perhaps the most likely reason for this impressive run is Dogecoin’s affiliation with Elon Musk, who has played a vital role in Donald Trump’s victory in the 2024 US presidential election. Trump and Musk discussed the establishment of a Department of Government Efficiency (DOGE) under the administration of the former, which will be headed by the CEO of Tesla.

Given the acronym, DOGE’s price benefited greatly every time the potential new department was mentioned during campaign speeches.

Although it is already up 110% on a monthly basis, numerous X traders and analysts are predicting an even brighter future for the biggest meme coin.

Mags, a crypto user with nearly 100,000 followers, outlined a “conservative” prediction of $1.17, which could be reached during a meme coin supercycle.

$DOGE the bomb will melt faces.

Last cycle, I shared Dogecoin before it increased 170x.

This time, I target between $1.17 and $8 (conservative target)

Are we in a memecoin super cycle and do you really think DOGE won’t hit at least $1? https://t.co/2e2PE6ahAX pic.twitter.com/ztP1Ue2XfD

— Wizards (@thescalpingpro) November 9, 2024

Kev_Capital_TA was even more bullish, indicating a potential price level of $1.8 or even $3.9 under certain, rather unlikely circumstances.

in each #Dogecoin cycle has reached the pocket of gold Macro 1.618. Current Macro Gold Pocket is $3.90. However, if we measure from the top before Elon’s live madness on Saturday night, the macro gold pocket is at $1.80; I personally think $3.90 is a lot… pic.twitter.com/Y0aVFmC2SU

— Kevin (@Kev_Capital_TA) November 9, 2024

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