Dogecoin shoots up 89% in a week

Dogecoin shoots up 89% in a week.

Dogecoin (DOGE) is up a whopping 84% over the past week and is once again attracting attention with a solid rally. Although bitcoin (BTC) is also close to touching its record price of $81,850, it is mainly the dog coin in the spotlight. But what is driving dogecoin's price up so hard?

DOGE makes big jump up

The price of dogecoin shot up 24% over the past 24 hours and now stands at $0.29, making it even the biggest riser among the top 100 crypto coins. Over the past seven days, DOGE is up 84%, and those who invested a month ago are now looking at an impressive return of more than 95%. For the first time in three years, the price rose above $0.30 per DOGE last night, a major milestone that has further fueled interest.

Trump's "D.O.G.E. committee" and Musk's influence

There is no obvious economic reason for this share price increase, but Donald Trump's recent election victory and his plans with Elon Musk seem to have a big impact. Trump recently proposed the creation of a new government agency: the "Department of Government Efficiency," abbreviated to D.O.G.E. The plan reportedly comes from Musk, who is also mentioned as a possible leader of this commission to curb taxpayer waste.

Although the D.O.G.E. committee has nothing to do with the crypto currency itself, dogecoin is getting a lot of publicity thanks to its unique name and Musk's enthusiasm. This seems to be giving the price a boost, as its association with a government agency is being enthusiastically received by crypto investors.

A breakthrough in the price chart and confidence in new records

With this new rise, dogecoin has broken through an important resistance line on its monthly chart. According to crypto analyst Kaleo, this could herald a parabolic rise, with the next target being between $0.40 and $0.50. The dream limit of $1, the goal of the DOGE community for many years, thus seems increasingly realistic ahead of the coming bull market.

Dogecoin remains a volatile currency, but for fans and investors, the future currently looks bright - with or without the direct involvement of Trump and Musk.