KEY POINTS
- $DOGE has been up by over 150% in the last 30 days
- It is the 6th largest crypto token by market cap on CoinGecko
- Some crypto users predict that $DOGE will be this bull run's biggest runner
- Others predicted that the memecoin may finally reach $1
Dogecoin (DOGE) is the most popular memecoin in the whole cryptocurrency space, and its massive gains since Donald Trump won the 2024 U.S. presidential race boosted the digital coin's price. So will it be the key player in this bull run?
Data from CoinGecko shows that DOGE has been up by over 23% in the last 24 hours. It has increased by nearly 87% in the last seven days and surged by over 153% in the past month.
$DOGE – Barking in the Ranks
As of early Monday, Dogecoin is the only memecoin in the Top 10 of CoinGecko's ranked cryptocurrencies. Led by Bitcoin, the world's first crypto asset, the rest of the digital currencies in the Top 10 are altcoins.
DOGE is currently ranked 6th among the world's largest crypto assets by market capitalization. It is behind BNB, the native token of the Binance chain.
With a market cap of over $41 billion, Dogecoin is bigger than popular stablecoin USDC ($36.9 billion), XRP ($32.7 billion), Lido Staked Ether ($30.7 billion), and Cardano ($20.5 billion).
Launched in late 2013 as a "joke" by software engineers Billy Markus and Jackson Palmer, Dogecoin has since become the biggest memecoin in the wild world of crypto. What's pumping the dog-themed meme token?
Elon Musk and $DOGE
While DOGE has made a name for itself in crypto even before tech titan Elon Musk started tweeting about the token, the attention brought upon the memecoin by one of the world's most influential names helped drive more interest in Dogecoin.
BREAKING: Trump campaign launches D.O.G.E. merch. with a shiba inu on it. pic.twitter.com/lAPpDWAKtM
— DogeDesigner (@cb_doge) November 8, 2024
The Tesla CEO has repeatedly talked about his fondness for the meme token in the past years and appears to have based his upcoming Department of Government Efficiency (D.O.G.E) commission on the memecoin.
Musk has even become the subject of a recently-dismissed lawsuit wherein he was accused of engaging in a "pump and dump" scheme in relation to his past tweets regarding Dogecoin.
Will Dogecoin be This Bull Run's Top Player?
Prominent Bitcoin trader Jeremy is one of many crypto users who believe DOGE will "be the biggest runner of this bull run." Jeremy has gone as far as predicting that Musk will possibly publicly emerge "as the co-founder of Dogecoin."
One crypto user believes DOGE "will be the main world currency" in the future, while another noted how it would have "sounded like such a hard sell last run" for users to say that Dogecoin can reach a dollar, but things have since changed and it "sure seems doable this time."
Indeed, the scenario has changed in recent weeks as Dogecoin prices pumped each time Musk was on the headlines and Trump's poll figures soared.
Ahead of Trump's victory, many industry experts said a Trump win will be good for the broader crypto space, given his more welcoming tone, especially regarding BTC and Bitcoin mining.
It remains to be seen how DOGE will perform in the coming weeks as Trump prepares to re-enter the White House and Musk waits for the official establishment of the promised D.O.G.E government audit commission.
