DOGE, the native cryptocurrency of Dogecoin, in the course of the last few hours its price on the crypto markets has experienced a small boom.
As often happens in these cases, when talking about Dogecoin, it was Elon Musk who triggered this small bull.
The small boom in the price of the cryptocurrency DOGE (Dogecoin)
Yesterday the price of the native cryptocurrency of Dogecoin (DOGE) was about $0.145.
During the day, it rose up to $0.168, then slightly corrected to the current $0.164.
Note that just three days ago it was at $0.13, so it is not at all an insignificant rise.
It should be noted, however, that in March it had also reached $0.22, so it is still decidedly distant even just from the annual highs.
Instead, the all-time high of May 2021 is still very far away, because it is still at -77% from those $0.73.
The fact is that starting from April, it had begun a strong correction that had brought it back to September even below $0.1.
It is important to emphasize that before the boom in February, its price was still below $0.1, so from April to September it did nothing but lose everything it had gained between February and March.
In October, however, it recovered some of what it had lost in those months, although not completely.
The influence of Elon Musk on the price of the cryptocurrency Dogecoin (DOGE)
Technically, Dogecoin is a memecoin that does not have concrete uses (at least for now).
It is a cryptocurrency that was created even ten years ago, and for at least three years pumped by Elon Musk. In all this time, however, the crypto project behind Dogecoin has never really developed.
The only real possible use for now is as a means of payment. Furthermore, it is not a cryptocurrency with a deflationary nature, like Bitcoin, but inflationary.
Until 2020, its price had never even exceeded $0.02, but between January and February 2021, it suddenly jumped to $0.07.
That leap was due to the fact that Elon Musk started promoting it, so much so that over the course of the following four months the price grew tenfold.
Given, however, that it was always and only a memecoin, that pump was soon followed by a dump, even though Elon Musk never stopped posting Dogecoin.
However, during the subsequent bear-market, it also fell below $0.06, which is less than what was reached in the first peak of 2021.
The awakening occurred with the start of the last bull run crypto, in October of last year, and ended with the end of that bull run in March of this year.
The rise of yesterday
Recently, however, Elon Musk has returned to promoting DOGE.
In fact, since he entered politics to support Donald Trump’s candidacy in next Tuesday’s elections, he has been indicated by Trump himself as a possible head of a future government unit that will have to try to cut state expenses in the USA.
Musk has named this unit D.O.G.E, or Department Of Government Efficiency, and has started promoting the initiative on his official X profile.
The fact that the probabilities of Trump’s victory are increasing, so much so that he is now considered the sure favorite, means that the probabilities that Elon Musk’s D.O.G.E. might see the light are also increasing.
Yesterday in particular Musk returned to promoting this idea, and since the sentiment in the crypto markets was positive, the price of Dogecoin reacted with a small boom.
As of today, DOGE has recorded a +15% compared to seven days ago, and a +30% compared to thirty days ago, even though it is still far from both the all-time highs and the annual highs of 2024.
The trading volumes on DOGE
Recently, the trading volume of DOGE has increased by as much as 95%, and this certifies the renewed interest of the crypto market for this cryptocurrency.
On the other hand, the success of Dogecoin is now linked solely and exclusively to Musk’s ability to promote this cryptocurrency, and since Musk is also the owner of X, it is hypothesized that in the future the social network could, for example, integrate DOGE as a means of payment.
The key point at this moment seems to be the possible surpassing of the psychological threshold of 0.2$.
Obviously, much depends on Musk, but between Wednesday and Thursday of next week, the election results will be available, and in the event of a Trump victory, this milestone could be within reach.
If a new major bull run of the crypto markets were to start post-elections, then it could even surpass the $0.22 of March.
