The Dogecoin (DOGE) market witnessed a massive spike over the past day. This came as a surprise to many as the rest of the market barely saw any movement. Several linked this growth to Donald Trump, the former president of the United States, gaining momentum in the current elections.
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Dogecoin’s Double Digit Spike
The meme coin recorded an 11.83% rise throughout the last 24 hours. DOGE went from a low of $0.1504 to a high of $0.1689. At press time, the asset was trading at $0.1681. In addition to its price, Dogecoin’s market cap saw a 12% increase and hit $24.66 billion.
Activity in the Dogecoin network was on the rise. Following a 56% surge, the meme coin’s daily trading volume soared to a high of $3.19 billion.
According to IntoTheBlock, 85% of users whose cryptocurrency wallets include Dogecoin will make money if they sell the coins at the present price. Of these, 12% will lose money, and 3% will go to zero.
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November Price Surge
According to CoinCodex, November forecasts point to a market trajectory change. This could result in a possible drop in price to $0.147173. The anticipated price range, which is impacted by the market performance from the previous month, is between $0.138392 and $0.163392.
If investors purchase DOGE at present levels and short-sell it at anticipated rates, they might see a potential gain of 17.66%.
While the asset has witnessed a major spike today, CoinCodex might change its prediction in the coming days. The $0.20 mark isn’t far away. But Dogecoin will have to continue its current momentum to reach this mark sooner rather than later. If Trump wins the elections, the DOGE market could record notable gains.
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