At the time of writing, the wider crypto market is looking rather bullish. Driven by the impressive surge in Bitcoin (BTC) prices following the 2024 U.S. presidential election, many altcoins and meme coins have followed suit.
Dogecoin (DOGE) is no exception — in fact, up to now, it has outperformed BTC on a year-to-date basis. Since January, BTC prices have gone up by 119.62% — during the same period of time, DOGE prices have rallied by 355.51%.
BTC and DOGE YTD price charts. Source: Google Finance
Arguably the most successful meme coin, DOGE has been buoyed not only by the BTC bull run — but also by the fact that the upcoming cabinet is set to be much more favorable to cryptocurrencies.
On top of that, on November 12, the President-elect’s promise to open the Department of Government Efficiency, a presidential advisory commission set to be co-chaired by key Trump allies Elon Musk and Vivek Ramaswamy, ignited a bull run that has been sustained thus far.
Over the last thirty days, DOGE has seen returns of 152.05% and is currently trading at $0.4188 — however, as one trading expert has recently pointed out, a key technical indicator is suggesting that the bull run has just started — and that Dogecoin still has a long way to go.
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