Why Doge Is Going Up by 23%: What’s Behind the Bullish Move?

Why Dogecoin Is Going Up Today: What’s Fueling Its Latest Price Spike?

DOGE Price Surges 23%: Now the Sixth-Largest Cryptocurrency by Market Cap

Dogecoin Takes the Lead Amid Market Gains 

Dogecoin (DOGE) has continued its upward trajectory, posting an impressive 23% increase today. This surge has propelled its market value past notable competitors like USDC and XRP, positioning DOGE as the sixth-largest cryptocurrency by market capitalization. At the time of writing, DOGE’s market cap stands at over $42.25 billion, surpassing USDC’s $36.98 billion and XRP’s $33.36 billion.

Pro-Crypto Trump’s Election Win Spurs DOGE Rally  

DOGE's strong performance aligns with a broader market rally following pro-crypto candidate Donald Trump's victory in the 2024 U.S. presidential election. Bitcoin has also soared, surpassing $82,000 to set a new all-time high. The anticipation surrounding Trump’s policies, which are seen as favorable for the cryptocurrency market, has bolstered investor confidence in DOGE and other cryptos.

Elon Musk’s Role in Renewed DOGE Interest  

DOGE’s current momentum is further fueled by speculation involving Elon Musk. While campaigning for Trump, Musk proposed a new initiative called the “Department of Government Efficiency,” abbreviated as D.O.G.E. This coincidental acronym has sparked excitement within the trading community, leading to speculation that the memecoin could play a symbolic role in the new administration.

DOGE Funding Rates Spike as Interest Grows  

The bullish surge in DOGE has been accompanied by a significant increase in its open interest-weighted funding rate, indicating new capital entering the market. On Nov. 11, this rate hit 0.0448%, the highest level since June 2024, showing strong interest in long positions. In the past 24 hours, DOGE short liquidations totaled $37.25 million, far outpacing $24 in long liquidations. This led to net short liquidations of approximately $36.4 million.

DOGE’s Chart Patterns Indicate Further Upside  

The current rally in DOGE has seen a 259% recovery from its low of $0.080 on Aug. 5, forming a golden cross on the daily chart. This bullish technical indicator suggests that DOGE has recouped losses experienced between March and August. If DOGE closes decisively above the $0.30 mark, analysts predict it could target the $0.377 level, representing an additional 34% gain from its current price.