Retail Excitement Abounds As Dogecoin Surges Over 9% Ahead Of US Presidential Election: Analyst Says Near-term Pullback Likely

Dogecoin ($DOGE.X) has spiked higher over the past 24 hours, outperforming all of its major cryptocurrency peers, even as the much-watched U.S. election gets underway.

The meme crypto, which features the Japanese dog breed Shiba Inu as its mascot, has got off to a solid start in November. After snapping a short-term downtrend on Sunday, DOGE has hit the top gear.

On Tuesday, the meme crypto opened slightly lower at $0.158 but recovered immediately after and has been on an uptrend since then. 

As of 7:39 am ET, DOGE traded up 8.13% at $0.171, with the upside accompanied by 38% increase in volume and a 12.75% spike in market capitalization. It is now the eighth most-valued cryptocurrency,

The gain has come despite the apex crypto Bitcoin ($BTC.X) trading flat.

The meme crypto spiked after Elon Musk mentioned DOGE on his appearance on the Joe Rogan Experience podcast, albeit related to the “Department of Government Efficiency” -  a reference to an office he has proposed to be set up under the new government, potentially under Donald Trump, to tackle bureaucratic red tapism. 

Prominent crypto analyst Ali Martinez has a word of caution amid the rally. “The TD Sequential presents a sell signal on the #Dogecoin $DOGE 4-hour chart, anticipating a correction to $0.161 or $0.156!,”  he said.

Doge is currently trading well off its all-time high of $0.738 hit on May 8, 2021, amid Musk’s appearance on the Saturday Night Live show. It pulled back along with the equity markets in 2022 and fell as low as 0.066 toward the end of the year. 

The meme crypto was range-bound for much of 2023 before reclaiming the 0.10 handle in February this year.

Dogecoin is the third most-trending ticker on Stocktwits platform.

Retail sentiment toward the meme coin was largely positive. One user on Stocktwits said a runup to $0.21 is likely.

Another was more optimistic and sees the crypto hitting a dollar if Trump wins. 

Read Next: Palantir Stock On Track To Open At Record High Following Beat-And-Raise Q3 But Retail Lose Sleep Over Valuation

For updates and corrections email newsroom@stocktwits.com 

Share

·

Add us on