Dogecoin

TL;DR
<ul>
 <li>Dogecoin (DOGE) briefly overtook Ripple (XRP) in market cap, fueled by Trump’s election lead.</li>
 <li>Analysts predict further gains, with some targets as high as $0.40 or even $1, despite overbought signals.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-11-doge_cb-10-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE_CB-10.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="big-win-for-doge-holders">Big Win for DOGE Holders</h2>
The leading meme coin has been among the top-performing cryptocurrencies lately. Earlier today (November 6), its price <a class="editor-rtfLink" href="https://cryptopotato.com/dogecoin-doge-price-soars-22-in-hours-heres-why/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">soared</a> above the psychological level of $0.20 to reach an eight-month high. In the following hours, it slightly retraced and is currently trading at around $0.19 (per CoinGecko’s data). 
<figure id="attachment_369341" aria-describedby="caption-attachment-369341" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-369341" src="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1.png" alt="DOGE Price" width="577" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1.png 1053w, https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1-300x208.png 300w, https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1-1024x710.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1-768x532.png 768w, https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Price-1-50x35.png 50w" sizes="(max-width: 577px) 100vw, 577px"></a>
 <figcaption id="caption-attachment-369341" class="wp-caption-text">
 DOGE Price, Source: CoinGecko
 </figcaption>
</figure>
Its market capitalization briefly exceeded $30 billion, thus flipping Ripple (XRP) to become the seventh-biggest cryptocurrency. Later, though, the figure plunged to $28.5 billion, and DOGE returned to the eighth spot.&nbsp;
Donald Trump’s lead in the US presidential elections is one apparent factor fueling the meme coin’s rally (and that of the entire cryptocurrency market). The latest data shows that the pro-crypto candidate (according to his promises) is very close to securing an official victory, with his odds of winning <a class="editor-rtfLink" href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1724060386725" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reaching</a> 99.6% on Polymarket. Trump even <a href="https://cryptopotato.com/us-presidential-elections-2024-results-donald-trump-declares-victory/" data-wpel-link="internal" rel="noopener noreferrer nofollow">declared</a> victory, while Kamala Harris has yet to concede.&nbsp;
Dogecoin’s bull run has been highly beneficial for investors. <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/DOGE" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">According</a> to IntoTheBlock, there are currently no holders underwater, with 89% sitting on some paper profits and 11% being break even. 
<figure id="attachment_369342" aria-describedby="caption-attachment-369342" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Holders.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-369342" src="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Holders.png" alt="DOGE Holders" width="969" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Holders.png 286w, https://cryptopotato.com/wp-content/uploads/2024/11/DOGE-Holders-50x21.png 50w" sizes="(max-width: 969px) 100vw, 969px"></a>
 <figcaption id="caption-attachment-369342" class="wp-caption-text">
 DOGE Holders, Source: IntoTheBlock
 </figcaption>
</figure>
The picture <a class="editor-rtfLink" href="https://cryptopotato.com/grim-statistics-almost-90-of-shiba-inu-shib-holders-currently-underwater-but-theres-more/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">looked</a> completely different in September 2023, when DOGE was worth around $0.06. Back then, the investments of only 42% of the holders were profitable (on paper).&nbsp;
<h2 id="span-data-preserver-spaces-true-ready-for-further-gains-span">Ready for Further Gains?</h2>
Numerous analysts believe Dogecoin’s bull run is still at its starting point, predicting a substantial price jump in the near future. The popular X user KALEO <a class="editor-rtfLink" href="https://x.com/CryptoKaleo/status/1854006140650103292" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">thinks</a> the valuation may explode to $0.40 as early as this week, while CROW set a target of a new ATH of $1:
<blockquote class="twitter-tweet">
 IT’S HAPPENING!
 And we won’t stop at $1, mark my words<a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$DOGE</a> <a href="https://t.co/nt8OOau743" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/nt8OOau743</a>
 — CROW (@TheCrowtrades) <a href="https://twitter.com/TheCrowtrades/status/1854061465386233949?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 6, 2024</a>
</blockquote>
Some important on-chain metrics, though, suggest that DOGE might experience a correction in the short term. The Relative Strength Index (which measures the speed and change of price movements), for example, has <a class="editor-rtfLink" href="https://www.cryptowaves.app/relative-strength-index/DOGE" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">climbed</a> into bearish territory of over 70.
Such a reading indicates that the asset could be overbought and might be poised for a pullback. On the contrary, an RSI ratio below 30 can be interpreted as a buying opportunity.
The post <a href="https://cryptopotato.com/no-dogecoin-doge-investors-are-currently-at-a-loss-details/" rel="noopener noreferrer nofollow">No Dogecoin (DOGE) Investors Are Currently at a Loss: Details</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

No Dogecoin (DOGE) Investors Are Currently at a Loss: Details

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