Dogecoin (DOGE) has witnessed quite a rally over the last few days. The popular memecoin is up by 4.5% in the daily charts, 28.8% in the 14-day charts, 16.9% over the previous month, and 110.5% since late October 2023.
Source: CoinGecko
Despite the rally, DOGE’s price is down 1.8% in the last week. This price prediction article will discuss whether the memecoin will breach the 50 cents ($0.50) mark after the upcoming US Presidential elections.
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DOGE Price Prediction: Can It Reclaim $0.50 After The US Elections?
Source – Bitcoinist
Elon Musk is one of the most significant supporters of Dogecoin (DOGE). The world’s richest man has been very vocal about his admiration for the cryptocurrency. Musk’s support has often led to significant gains for the asset.
DOGE’s recent price rallies are likely due to Musk’s recommendation to create a Department of Government Efficiency (D.O.G.E.) if Donald Trump wins the upcoming elections. Musk is also one of Trump’s biggest donors and supporters, donating millions to his campaigns. A Trump victory could lead to DOGE hitting a new all-time high, breaching the $0.50 mark last seen in 2021.
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Price Prediction For The Memecoin After The Elections
According to CoinCodex analysts, Dogecoin’s (DOGE) price will dip over the next few days. The platform anticipates the asset trading at $0.13 on November 5, 2024, the election day.
Sliding to $0.13 from current levels will translate to a dip of about 7.14%. The platform anticipates DOGE continuing to fall throughout November, hitting $0.122 on Nov. 25, 2024, a dip of about 14% from current price levels.
Source: CoinCodex
Changelly presents a bearish outlook for Dogecoin (DOGE) in November. The platform predicts that the asset will dip to $0.10 on election day, November 5, 2024. Hitting $0.10 from current price levels will translate to a dip of about 28.5%.
Source: Changelly
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Given that Donald Trump won, we may witness a DOGE rally after the election. Musk’s support for Trump may lead to investors becoming bullish on the memecoin. How the memecoin performs over the next few weeks is yet to be seen.