Dogecoin Surges on Trump’s Election Win With Elon’s Support – Could $10 DOGE Be Next?

The original and biggest meme coin, Dogecoin ($DOGE), is positively soaring today along with most leading cryptocurrencies after the pro-crypto Donald Trump was re-elected as the forty-seventh US President.

In the last twenty-four hours, Dogecoin mushroomed 18% to trade at $0.2014. Considering Dogecoin grew 18.7% in the last seven days, this suggests Trump’s re-election accounts for the vast majority of Dogecoin’s intraweek gains.

This is not surprising. One of Trump’s most ardent advocates is Tesla CEO Elon Musk, who formerly used to shill Dogecoin regularly in market-moving tweets until people started debating whether his actions constitute price manipulation.

Meanwhile, the original and largest cryptocurrency, Bitcoin ($BTC), hit a new all-time high of $75,358.70 in the early hours, UTC.

Bitcoin advanced 8% overnight, but only 2.9% over the week. Today’s gains mean that the $1.5 trillion market cap coin is 110% more valuable than it was this time last year.

However, since Dogecoin grew 177% over the year, it is arguably the better performing asset.

Dogecoin Price Analysis: Is $10 DOGE Next?

Dogecoin’s intraday performance today highlights just how explosive meme coin rallies can be. Other leading meme coins that posted similar overnight gains include Pepe ($PEPE) and DogWifHat ($WIF), both up 15%, Bonk ($BONK) is up 18% and Popcat ($POPCAT) ballooned 19%.

The coin’s loyal community, the self-styled “Doge army”, have long eyed the $1 mark as their most significant milestone.

The closest Dogecoin came was $0.73, way back in May 1, 2021. Today’s price reflects a 73% retreat since.

So, clearly $1 is an important precursor to $10 Dogecoin. But will it get there? Well, today’s news is not enough to sustain investment in Dogecoin.

If Trump quickly delivers on his promise to bring regulatory clarity to crypto businesses, this could help drive crypto prices across the market.

Given Dogecoin’s status as a crypto profit/loss multiplier, if the market does well in the coming months, Dogecoin will also likely be doing very well.

That said, Dogecoin’s relative strength index is 75, which means it is overbought/overvalued right now, so traders will be doing some selling and profit-taking overnight, which will reduce the momentum of this rally, but the Doge Army will be looking for more festive gains.

Dogecoin may be everyone’s favourite meme coin but with a towering $29 billion market cap, it can only move so far.

Meme coin investors looking for greater upside potential should consider diversifying their portfolios with presale allocations. Investing in the right new cryptocurrencies before they hit the open market can often result in 10x or 100x profits.