The price of Dogecoin (DOGE) is continuing its rally, performing better than the top 10 cryptos, including Bitcoin. Currently, DOGE is in a pump of almost +10% in the last 24 hours and +25% in the last seven days.
Dogecoin (DOGE) in the full price rally surpasses the performance of the top 10 crypto
Today, Dogecoin (DOGE) is recording enviable performances, much higher than the top 10 cryptos, including Bitcoin (BTC).
In fact, at the time of writing, the price of DOGE is in a pump of almost +10% in the last 24 hours and +25% in the last seven days.
The price of BTC has increased by not even 1% in the last 24 hours, and almost +12% in the last seven days, making it the second best performer in the ranking.
Following that, there is Ethereum (ETH) with a price pump of +9.2% in the last seven days, Solana (SOL) with +8.5%, and BNB with +6% compared to a week ago.
On the contrary, in the last 24 hours, the top 10 crypto (excluding DOGE) report more or less the same price, without major variations.
Dogecoin (DOGE) and the price of the crypto: market sentiment also on the rise
In addition to price performance, another indicator of the DOGE rally is its Fear and Greed Index, which measures the market sentiment of the crypto.
In fact, the latest update mentions a Fear and Greed Index for DOGE with a score of 72: full enthusiasm.
Dogecoin Fear and Greed Index is 73 – Greed pic.twitter.com/J7kviiS4Xo
— Doge Fear and Greed Index (@DogecoinFear) October 18, 2024
Looking at the previous tweets, the index is sharply increasing compared to the neutral zone of 51 points calculated last Tuesday, October 15, the day of Elon Musk’s tweet.
In practice, in the last three days, the price pump of DOGE is the result of a tweet by the famous Musk which, however, referred to D.O.G.E, the acronym for Department Of Government Efficiency.
Responding to another tweet, Musk wrote “D.O.G.E will solve it,” meaning the Department he will head if Donald Trump wins the presidential elections in the USA.
The price of DOGE at 50 cents?
At the time of writing, the price of DOGE is $0.1341, but there are those who wonder if certain factors could lead that price to reach 50 cents.
In fact, there are hypotheses circulating that Trump’s probable victory in the upcoming elections would lead to a true massive rally for all the crypto.
In the specific case of DOGE, in addition to riding the bullish wave of the crypto market, there are those who argue that Musk’s rise to the Department of Government Efficiency could increasingly influence the price of the memecoin.
The analysts at Standard Chartered have tried to give some numbers to these hypotheses, predicting that, with Trump as President of the USA, BTC could reach 125,000 dollars. If a proportion with DOGE were made, the price of the memecoin would reach 0.243984 dollars.
What makes (and is making) the difference for DOGE compared to the rest of the crypto market is Musk’s influence. The question then remains: is it possible for the price of DOGE to reach 50 cents?
