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Steve Muchoki
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Key Notes
- Dogecoin price has significantly benefited from the launch of X shop in the United States ahead of anticipated integration for payments.
- The meme coin space is expected to follow Dogecoin’s bullish breakout amid anticipated altseason.
Dogecoin DOGE $0.41 24h volatility: 2.8% Market cap: $60.27 B Vol. 24h: $10.48 B price rallied over 10 percent in the past 24 hours to trade at about $0.168 on Tuesday, November 5, during the early New York session. The meme lord, with a market cap of over $24.6 billion and a daily average traded volume of around $3.7 billion, was the only top 100 crypto assets to register palpable gains in the past 24 hours.
Having rebounded from a crucial support level above 14 cents, the Dogecoin price is now aiming for a rally beyond 20 cents in the near term. Moreover, the meme lord has grown to more than 6.7 million non-zero addresses that have transacted over 364 million times since its inception
However, the bullish sentiment for Dogecoin could be delayed or invalidated if the meme coin consistently closes below 10 cents in the near term. From a technical analysis point of view, Dogecoin price has been forming a macro rising trend since establishing the bear market lows of about $0.057.
Looking good and gaining momentum. Should carry nicely into the #memecoins if this continues pic.twitter.com/3JX7QrlPK2
— Crypto Tony (@CryptoTony__) November 5, 2024
Top Reasons Why Dogecoin Price Rallied Today
The major reason that Dogecoin price rallied today, while other crypto assets registered losses, can be traced back to tech billionaire Elon Musk. On the top list, Musk is the top supporter of Donald Trump, the Republican presidential candidate for the 2024 US elections, who has been leading in major polls.
For instance, market data provided by Polymarket shows that Trump has been leading in presidential polls with a 61.1 percent chance of winning the elections. The majority of the American crypto investors, amounting to over 50 million, have been supporting Trump’s bid for POTUS in a bid to protect the web3 industry from the government’s overreach.
Nonetheless, some experts have argued that the meme coin space, led by Dogecoin, will thrive in the coming years irrespective of who is announced as the winner of the US 2024 presidential election.
“If Kamala wins, the fear of another operation choke point crackdown on utility tokens probably forces investors into nihilistic alternatives like memes. Or at the very least, leads to increased meme dominance vs sectors like DeFi which will likely come under scrutiny,” crypto analyst Miles Deutscher, noted.
Meanwhile, the Musk-backed X platform announced the launch of the X shop to support brand-labeled products. At first, the X Shop will be available in the United States only but plans are in the pipeline to extend the new product globally.
it's here: https://t.co/RaTpolYJdz 👇
— X (@X) November 4, 2024
The launch of X shop will have a huge impact on the Dogecoin network in the near future.
Moreover, Musk has in the past announced his unwavering support for Dogecoin and is thus likely to be integrated with X payments to facilitate a seamless purchase of merchandise.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Julia Sakovich
