The global cryptocurrency market has surged dramatically recently as Bitcoin reached new peaks following the election of pro-crypto Donald Trump as president of the United States last week.
This remarkable trend is noticeable in the prices of memecoins like Dogecoin (DOGE), dogwifhat (WIF), and Floki (FLOKI), all of which have achieved double-digit increases in the past 24 hours.
Bitcoin surged from roughly $68,000 on November 4 to a remarkable high of nearly $75,000 on November 5, election day, before setting another record of $81,858.29 a few hours back, around 23:00 Sunday, Eastern Time (ET). However, it has experienced a slight decline of roughly 1% and is currently trading at $81,061 as of this writing.
BTC/USD daily charts | TradingView
Bitcoin now has a market capitalization exceeding $1.6 trillion and ranks as the 9th largest asset globally among all asset categories, such as public companies, precious metals, cryptocurrencies, and ETFs.
Dogecoin eyes $1.17 this cycle
Dogecoin has recently shown remarkable performance, climbing by 86.13% in the past week and 154.61% over the last 30 days. This surge followed the market’s excitement regarding the Department of Government Efficiency (D.O.G.E) proposed by Elon Musk during Trump’s presidency.
Additionally, the announcement on November 8 that Spirit Blockchain Capital has finalized its acquisition of Dogecoin Holdings could boost the global usage of the original meme cryptocurrency, DOGE, which has recently overtaken USDC to become the 6th largest coin by market capitalization.
DOGE flips USDC | Coinmarketcap.com
As we enter another bullish market phase, investors appear to be placing significant bets on Dogecoin (DOGE), as it was one of the top performers during the 2020/2021 crypto bull run. For context, it surged from $0.003 in late 2020 to $0.7376 in May 2021.
In line with this bullish trend, a crypto analyst named Mags (@thescalpingpro) on the social media platform X has forecasted that the coin’s price will continue to rise, estimating it could reach $1.17 in this cycle.
$DOGE pump will melt faces.
Last cycle, I shared Dogecoin before it went up by 170x.
This time, I’m targeting $1.17 – 8x (conservative target)
We are in a memecoin supercycle, and you really think DOGE won’t hit at least $1? https://t.co/2e2PE6ahAX pic.twitter.com/ztP1Ue2XfD
— Mags (@thescalpingpro) November 9, 2024
Dogwifhat and Floki steal the show
dogwifhat and FLOKI memecoins have also emerged as top performers today, reaching levels not seen for several weeks after experiencing double-digit gains over the past day and week.
The dogwifhat price has soared by 20.25% within the last 24 hours, reaching a one-month peak of $3.00. The WIF token has a market cap of $2.9 billion and a trading volume of $1.71 billion over the last 24 hours.
The sentiment surrounding dogwifhat has transitioned from bearish to bullish, indicating a positive outlook in the near term. Key support and resistance levels have been identified, with expectations of a significant price rise.
In contrast, Floki has experienced a 16.96% increase in the past 24 hours. It currently trades at $0.0001753 and holds a market cap of $1.68 billion. Over the last week, it has risen by 42.87%, making it one of the top-performing memecoins since the “Uptober” frenzy.
Notably, Floki (FLOKI) has broken free from a falling wedge pattern, which is characteristically a bullish signal. This breakout indicates a likely transition to a bullish trend.
Read more: Shiba Inu Price Prediction: Is SHIB Setting Up For a 75% Jump?
