Dogecoin 100.91% in 7 Days: Elon Sends DOGE to $0.28!

The meme cryptocurrency that started as a joke has once again proven its serious market potential, as Dogecoin (DOGE) surges to a remarkable 3-year high of $0.28. The astronomical rise coincides with Tesla’s trillion-dollar milestone and Elon Musk’s wealth explosion to $300 billion, suggesting a new era for the beloved crypto asset.

The Musk Effect: How Trump’s Victory Triggered a 100.91% DOGE Rally

The cryptocurrency market witnessed an unprecedented surge as Dogecoin’s price shattered the $0.28 barrier on November 10, marking a staggering 100.91% increase within just seven days. This remarkable achievement comes in the wake of Donald Trump’s electoral victory and the subsequent announcement of Elon Musk’s potential role in the new administration.

The catalyst behind this explosive growth appears to be Musk’s confirmed appointment to lead the newly-proposed Department of Government Efficiency (D.O.G.E) under Trump’s presidency. This strategic position has sparked a wave of speculative buying across all Musk-related assets, with DOGE emerging as the clear winner among digital currencies.

Tesla’s Trillion-Dollar Triumph and Dogecoin Next Target

While Dogecoin’s performance has been nothing short of spectacular, Tesla (TSLA) has also enjoyed remarkable success, with its market capitalization surpassing the $1 trillion mark. The electric vehicle giant’s stock price soared from $242 to $362 per share, representing a 30% increase since the election results.

Technical indicators suggest that DOGE’s bullish momentum may continue, with the Choppiness Index at 28.5 and the Average Directional Index (ADX) at 43.64 supporting further upward movement. Market analysts are now eyeing the $0.35 level as the next major target, though the immediate challenge lies at the $0.30 resistance zone.

With Trump’s second inauguration scheduled for January 20, 2025, and Musk’s net worth now towering at $304 billion, the crypto community remains optimistic about DOGE’s future prospects. The digital currency has significantly outperformed major cryptocurrencies like Bitcoin, Ethereum, and Solana, suggesting that the “Musk effect” continues to be a powerful force in the crypto market.