Dogecoin (DOGE) ballooned to $0.4398 on crypto exchange Binance on Tuesday, marking its highest value in over three years.
The Shiba Inu-themed meme coin saw a massive 143.2% rise in the past week, significantly outpacing Bitcoin’s (BTC) 28.2% gain during the same period, as per CoinGecko data.
The rally follows Donald Trump’s election win, boosting optimism for speculative assets such as Dogecoin as traders bet on pro-crypto policies. The challenge now is for DOGE to sustain this momentum while attracting long-term institutional interest.
Dogecoin Blasts Off: DOGE Hits Highest Price in 3 Years
Dogecoin to a dollar? Not quite—but a quarter is in reach, and that's the highest price that the original meme coin has seen in nearly three full years. DOGE has continued to make monstrous gains into the weekend, rising nearly 20% over the last day to hit a current price of $0.247. The last time Dogecoin's price was this high was in November 2021, during a crypto market surge that pushed Bitcoin to what was then an all-time high mark of around $69,000. The O.G. meme coin has now more than doubl...
“With the election overhang now behind us, the rally in crypto markets appears sustainable, buoyed by positive forward signals from the U.S.," Julien Auchecorne, head of Auros Ventures, told Decrypt. "However, uncertainties remain, particularly around altcoins. We're closely watching if alts will continue trailing Bitcoin or if they'll begin to outperform, potentially drawing back retail interest.”
Elon Musk, the self-proclaimed “Dogefather,” fueled even more buzz last month by suggesting that, if appointed by Trump, he could lead a “Department of Government Efficiency” (D.O.G.E.) with the ambitious goal of slashing $2 trillion or more from the federal budget.
The nod to the acronym “D.O.G.E” sent Dogecoin enthusiasts into a frenzy, pushing the coin to new heights. Musk’s endorsement—whether serious or in jest—often leads to spikes in DOGE’s price.
Who Let the Doge Out? Dog-Themed Meme Coins Spike on Trump, Fed-Fueled Rally
Dog-themed meme coins are running in a pack, following the lead of Dogecoin’s (DOGE) incredible rally to three-year highs, bolstered by trading fervor on several favorable tailwinds for crypto. Alpha meme coin Doge rose to a top of $0.29 on Sunday following a break earlier in the day that saw the crypto spike to its highest point since October 30, 2021. The asset is up 27% over the last 24 hours, trading at $0.26, CoinGecko data shows. Several market tailwinds The recent election of President-e...
Despite the excitement around Dogecoin, Auchecorne points to some structural challenges in the altcoin market.
“The structure of altcoin launches is under pressure, especially as institutional incentives still heavily favor de-risking at launch and redirecting capital afterward," he said. “Protocols are now adjusting strategies to retain institutional participation post-launch, taking a more measured approach to their target fully diluted valuations (FDVs)."
For example, Aptos—a network founded by ex-Meta employees—saw rapid sell-offs in 2022 from early institutional investors following its launch, causing steep post-launch declines. In contrast, protocols such as Arbitrum are adopting gradual token releases to retain institutional engagement and achieve more stable growth.
Aptos Blockchain Launches to Concerns Over Tokenomics
The Aptos blockchain mainnet launched last night, but the long-awaited debut was not without its challenges. "It's exciting to finally bring Aptos to mainnet," Aptos co-founder Mo Shaikh tweeted. "Acknowledged that it could have gone better." On the technical front, Shaikh explained that the Aptos genesis occurred on October 12, 2022, with 102 validators to secure the network. "These validators have gone through extensive testing ahead of mainnet," he said. Before the mainnet launch, Aptos boast...
Yet, questions remain about the sustainability of the DOGE rally.
“As this dynamic evolves, we expect capital flows to be selectively drawn to projects that can sustainably balance institutional needs with strong market appeal,” Auchechorne noted.
Amid the retail-driven frenzy, Canada-based Spirit Blockchain Capital has said it wants to mirror MicroStrategy’s Bitcoin accumulation plan to build large reserves of Dogecoin.
Dogecoin Rallies to Seven-Month High on US Election Wave
Dogecoin (DOGE) surged to $0.21 on U.S. Election Day, reaching a Seven-month high after days of hype driven by Elon Musk’s playful tweets and public appearances alongside former President Donald Trump. DOGE is up by 30% in the last 24 hours and 20.6% in the last 7 days, CoinGecko data shows. The meme coin also flipped Ripple (XRP), becoming the 7th largest crypto with a market cap of $30 billion. Although still below its all-time high of $0.73 set in May 2021, DOGE’s Election Day rally points t...
Spirit’s approach includes launching exchange-traded products (ETPs) and payment gateways, seeking to institutionalize Dogecoin’s use case beyond its meme origins.
While Dogecoin remains below its all-time high of $0.73 in 2021, the recent surge indicates that it’s far from losing its appeal. The original meme coin now the sixth-largest crypto by market cap, ahead of Circle’s stabelcoin USDC and Ripple (XRP), shows CoinGecko data.
Edited by Stacy Elliott.
