Dogecoin Peaks
at 43 Cents
on Continued Election Glee
Dogecoin Peaks at 43 Cents on Continued Election Glee
“With the election overhang now behind us• Экономика » Финансы » Платежные средства » Доллар США, the rally in crypto markets appears
sustainable," an analyst told Decrypt.
By Vismaya V
Nov 12, 2024 Nov 12, 2024
3 min read
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Dogecoin (DOGE) ballooned to $0.4398 on crypto exchange Binance on Tuesday,
marking its highest value in over three years.
The Shiba Inu-themed meme coin saw a massive 143.2% rise in the past week,
significantly outpacing Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s (BTC) 28.2% gain during the same period, as
per CoinGecko data .
The rally follows Donald Trump’s election win, boosting optimism for
speculative assets such as Dogecoin as traders bet on pro-crypto policies. The
challenge now is for DOGE to sustain this momentum while attracting long-term
institutional interest.
“With the election overhang now behind us• Экономика » Финансы » Платежные средства » Доллар США, the rally in crypto markets appears
sustainable, buoyed by positive forward signals from the U.S• Соединённые Штаты Америки (США).," Julien
Auchecorne, head of Auros Ventures, told Decrypt. " However, uncertainties
remain, particularly around altcoins. We're closely watching if alts will
continue trailing Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin or if they'll begin to outperform, potentially
drawing back retail interest.”
Elon Musk, the self-proclaimed “Dogefather,” fueled even more buzz last month
by suggesting that, if appointed by Trump, he could lead a “ Department of
Government Efficiency ” (D.O.G.E.) with the ambitious goal of slashing $2
trillion or more from the federal budget.
The nod to the acronym “D.O.G.E” sent Dogecoin enthusiasts into a frenzy,
pushing the coin to new heights. Musk’s endorsement—whether serious or in
jest—often leads to spikes in DOGE’s price.
Despite the excitement around Dogecoin, Auchecorne points to some structural
challenges in the altcoin market.
“The structure of altcoin launches is under pressure, especially as
institutional incentives still heavily favor de-risking at launch and
redirecting capital afterward," he said. “Protocols are now adjusting
strategies to retain institutional participation post-launch, taking a more
measured approach to their target fully diluted valuations (FDVs)."
For example, Aptos—a network founded by ex-Meta employees—saw rapid sell-offs
in 2022 from early institutional investors following its launch, causing steep
post-launch declines. In contrast, protocols such as Arbitrum are adopting
gradual token releases to retain institutional engagement and achieve more
stable growth.
Yet, questions remain about the sustainability of the DOGE rally.
“As this dynamic evolves, we expect capital flows to be selectively drawn to
projects that can sustainably balance institutional needs with strong market
appeal,” Auchechorne noted.
Amid the retail-driven frenzy, Canada-based Spirit Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн Capital has said
it wants to mirror MicroStrategy’s Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin accumulation plan to build large
reserves of Dogecoin.
Spirit’s approach includes launching exchange-traded products (ETPs) and
payment gateways, seeking to institutionalize Dogecoin’s use case beyond its
meme origins.
While Dogecoin remains below its all-time high of $0.73 in 2021, the recent
surge indicates that it’s far from losing its appeal. The original meme coin
now the sixth-largest crypto by market cap, ahead of Circle’s stabelcoin USDC
and Ripple (XRP), shows CoinGecko data .
Edited by Stacy Elliott .
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