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Dogecoin "To the Moon" Thanks to Donald Trump and Elon Musk, Will $1 Become Reality?
Dogecoin (DOGE) has just recorded one of the most impressive price surges in November, reaching its highest level in three years at $0.43. The growth momentum of this meme coin not only comes from the industry-wide price surge led by Donald Trump, but also thanks to the unofficial association with Elon Musk, who has just been appointed as the co-leader of Trump's new government agency named D.O.G.E. (Department of Government Enforcement). {spot}(DOGEUSDT)
164% Growth in One Month: Is DOGE Ready to Exceed $1 Threshold? Dogecoin has increased by 164.4% in the past 30 days, leading analysts to have higher expectations. A famous analyst on social media X, named Skew, believes that Dogecoin could reach the target of $1 thanks to the technical strength and strong market growth momentum. According to Skew, Dogecoin has surpassed the important resistance level at $0.32, creating an opportunity to maintain the price within the range of $0.32 - $0.40. If the price stays stable above $0.40, a new parabolic growth could take DOGE to further targets, with the 1.618 Fibonacci extension level set at $1.16. Market Support: Musk and the Trump Administration as a Launchpad? DOGE is currently the seventh largest cryptocurrency by market capitalization, behind Ripple's XRP, and continues to attract attention due to Musk's involvement in the Trump administration. Investors expect Musk's role to drive many initiatives related to cryptocurrencies, especially Dogecoin. In addition, Spirit Blockchain Capital in Canada has just announced its intention to accumulate Dogecoin in the same way that MicroStrategy did with Bitcoin. This company also commits to developing products supporting meme coin, demonstrating optimism about the long-term potential of DOGE. Can Dogecoin Reach $1? Currently, the price of DOGE is trading at $0.3739, up 14.7% in the past week. Although still far from the all-time high of $0.73 (May 2021), the recent surge shows that Dogecoin still has strong appeal. Whether DOGE really reaches the $1 target will depend on market stability, community strength, and especially potential support from Elon Musk and the Trump administration.