After Donald Trump won the US presidential election, market sentiment turned bullish, driving the price of Doge steadily upward, with a target of breaking through the $0.4 resistance level. A cryptocurrency analyst on Trading View discussed several factors that could drive the price of Doge even higher, potentially reaching the $1 milestone in the bull market.
Key Drivers Pushing Doge Price to $1
A recent article on TradingView discussed the possibility of Doge price reaching the coveted $1 milestone very soon. The report presented compelling factors indicating that under the influence of SpaceX and Tesla CEO Elon Musk, the price of Doge could soar to $1.
More specifically, TradingView revealed that Musk's unwavering support and enthusiasm for Doge could lead to the meme coin's market capitalization steadily growing to $130 billion, equivalent to a price increase of $1. Additionally, the increasing popularity of Doge in the financial realm is also expected to catalyze potential price appreciation.
Currently, Doge is one of the most closely watched meme coins in the market, as this cryptocurrency is one of the biggest gainers in the current bull market. With more users and investors flocking to the Doge ecosystem, demand and adoption are expected to rise, potentially triggering a significant price surge.
According to CoinMarketCap, the price of Doge has surged an astonishing 250% in just one month. This massive price spike has propelled the meme coin's price from around $0.2 to a new high of around $0.4. The TradingView report indicates that many analysts expect the price of Doge to reach $1 in the near future.
Notably, renowned cryptocurrency analyst Jeremy told his 180,300 followers on X (formerly Twitter) that the price of Doge will rise to $1, driven by Musk's support and the integration of meme coins into the US economy. Other X cryptocurrency analysts, such as "Bark," predict that the price of Doge could even climb higher, believing it may reach $10.
Doge Outperforms Bitcoin
TradingView's report also revealed that the price of Doge is currently 150% higher than Bitcoin. As mentioned earlier, Doge has been on a parabolic trajectory, surging 110% in just one week, and continuing to accumulate gains as of the time of writing. The report shows that after Trump's victory in the US presidential election, the price of Doge increased by 180%.
This massive price surge has outpaced Bitcoin, which only grew by 30% during the same period. While Bitcoin's price is clearly higher than DOGE and has successfully set new highs, the lower-priced (around $0.4) DOGE is seen as a more accessible and potentially more profitable choice for smaller investors.
Despite the significant price increase of Doge, TradingView analysts warn against jumping in too quickly. They caution that the price may still fall, and the low price could be deceptive.
