Crypto assets are poised for bullish upticks after the United States election. The crypto market projects Trump’s win to spark an upward drive in Bitcoin, altcoins, and meme coins. The reasons cited range from his campaign leaning to the sector to the launch of his decentralized finance (DeFi) project. Dogecoin (DOGE) and other meme coins are huge gainers from the status quo, raking in inflows in the last 24 hours.
DOGE To $4?
After the United States elections, many crypto analysts have tipped inflows into Elon Musk-backed Dogecoin. In a recent tweet, crypto trader Ali Martinez wrote on a possible pathway for DOGE hitting $4. If history repeats, this was the base prediction, while the cap could see the meme coin tap $23. The analysis summarizes the state of crypto market bulls picking up wins for global macro sentiments.
“With @elonmusk now influencing the 47th President, @realDonaldTrump, #Dogecoin could be primed for a wild ride! In past bull cycles, once $DOGE broke the 0.50 Fib retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see #DOGE hit somewhere between $4 and $23!”
However, many consider this a far stretch, even with high sentiments. Meme coins are known for their volatility and short-term swings. In the upcoming months, we could see a slight market correction in top assets, which will significantly impact meme tokens. This was seen during the last major Bitcoin correction and the German government’s asset sale.
Elon Musk Support Comes in Handy
For years, Tesla CEO Elon Musk has been linked with the Dogecoin community on X. Asset holders follow his tweets and hope the social platform will adopt the meme coin. The billionaire businessman has also triggered some momentum in the asset. A notable example was his 2021 Saturday Night Live Appearance.
This election cycle, Musk went all out for Donald Trump with talks about the Department of Government Efficiency (D.O.G.E) receiving keen interest from DOGE holders. This sparked a major rally in the asset’s price in the last 30 days. At press time, Dogecoin trades at $0.199, a 15% surge in the last 24 hours taking weekly numbers above 16%. Daily volumes for the asset are also up 200% at $12 billion, alongside other bullish on-chain factors.
