Dogecoin (DOGE), often called the original “meme coin,” has shown surprising resilience lately, despite a dip in the market, according to analyst Ali Martinez.
The Dogecoin network itself has been expanding rapidly, adding more than 35,000 new addresses daily. This growth shows that interest in Dogecoin is still strong, supported by its playful origins and celebrity endorsements, notably from Elon Musk.
Dogecoin’s 35,000 New Address Spike Daily Ahead Of U.S Elections Results
As of now, Dogecoin’s price is $0.1708, reflecting an 8.55% drop in the last 24 hours. But despite this price decline, trading volume has surged by nearly 38% in the same period. This increase in trading volume suggests that interest in DOGE remains steady, even amid price swings.
Dogecoin’s global market cap sits at a remarkable $25.05 billion, underscoring its standing in the crypto space and highlighting ongoing investor enthusiasm.
Dogecoin’s current price movements come at an interesting time, coinciding with the U.S. election cycle. Among top cryptocurrencies, Dogecoin stands out, with some speculating that a Trump victory could give it a boost.
Elon Musk, Tesla’s CEO and one of Dogecoin’s biggest supporters, has voiced his backing for Trump, leading some to wonder if Dogecoin might see a rally if the former president returns to office.
Recently, Musk posted a lighthearted meme on X (Twitter), suggesting that mainstream media might soon have no choice but to cover Dogecoin.
The post thrilled many Dogecoin fans, including co-founder Billy Markus, who shared his optimism for Dogecoin’s future in the event of a Trump victory.
The Road Ahead for Dogecoin
Another recent event stirring excitement was Doge Day on November 2, marking Dogecoin’s anniversary. This celebration brought the community together and spurred social media buzz and trading activity. The energy around Doge Day seems to have carried over, potentially giving Dogecoin’s price a further nudge.
Crypto analyst Master Kenobi also chimed in on Dogecoin’s position in the market. Referring to Musk’s D.O.G.E proposal in a post on X(Twitter), he noted that Dogecoin might see indirect benefits from this initiative.
Describing it as “super interesting and super funny,” he hinted that factors like Musk’s influence and Trump’s possible role could shape Dogecoin’s path forward.
Looking at the bigger picture, Dogecoin’s recent performance seems to suggest a comeback for meme coins and community-driven tokens. While Bitcoin and Ethereum maintain their steady trajectories, Dogecoin’s rise indicates that community-backed cryptocurrencies could be regaining popularity. This trend might even extend to other similar tokens, suggesting that social media and community hype remain strong forces in the crypto world.