Dogecoin, the largest memecoin in the market by Market capitalization has surged by 48% over the last 24 hours following cryptic endorsement of the token by Elon Musk in the Trump administration.
Elon Musk has floated a Department of Government Efficiency (DOGE) idea since the run-up to the elections and often posted AI-generated pictures of him posing with the DOGE acronym.
This was read as a cryptic endorsement of the Dogecoin memecoin which he was initially involved with in its early stages.
Dogecoin is currently the highest-performing crypto asset outperforming other 100 top tokens.
Dogecoin in its bull rally surged to 41 cents for the first time since May 2021. The asset has made its investors a return of over 150% in the past week and nearly tripled over the past 30 days.
Dogecoin’s record high remains 70 cents which it hit around May 2021.
The Dogecoin rally has continued its bullish rally for four days straight and traders and speculators are eyeing a $1 mark for the crypto asset.
Memecoin analyst Unipcs shared the information about Dogecoin on X predicting the asset to soon hit $1 while sharing other details about the memecoin.
“Dogecoin is now up 244% from when I called the current move $DOGE has seen its market cap increase by an ADDITIONAL $37.69 BILLION in just 1.5 months it’s currently sitting at $53.4 billion market cap as the sixth biggest crypto project
“I think many are significantly underprepared for it going much higher, yet that is the most likely scenario from here DOGE to $1 is a meme until it isn’t i also believe doge betas like $FLOKI and $BONK are closer to following it on this aggressive move than many realize or are prepared for” Unipcs stated .
Unipcs tweeted an update on his previous tweet highlighting the increase in Market capitalization of Dogecoin reasserting his belief that Dogecoin would hit $1 soon
“BREAKING: Dogecoin just crossed the $61 billion market cap! $DOGE has seen its market cap increase by an EXTRA $45.15 billion in just 1.5 months while I believe doge is going much higher and will hit $1 this cycle betting on strong, established doge betas like $FLOKI, $BONK, and Department of Government Efficiency / D.O.G.E (ETH memecoin) is where the real gains are to be made this cycle IMO” Unipcs tweeted
Dogecoin is the first memecoin on the top 10 list of largest crypto assets by market capitalization.
What to Know
- Dogecoin’s Recent price action has led some crypto traders to mark $1 as a major price target for DOGE.
- This price level has been long anticipated since 2021 when the token traded above 70 cents and is seen as a significant milestone for the memecoin.