Dogecoin is riding the bull market, with the price pumping by +54% in the last month, primarily thanks to Elon Musk. However, this increase in DOGE is still far from its all-time high (All-Time High – ATH), reached in 2021.
Summary
Dogecoin Price in pump by +54% in the last 30 days thanks to Elon Musk
By now it is not news that Elon Musk and his tweets influence the price of Dogecoin. And in fact, thanks also to Musk’s involvement in politics, today DOGE is in a bull pump of +54% compared to a month ago.
At the time of writing, the price of DOGE is $0.16 compared to $0.10 from 30 days ago. During the last month, DOGE also touched $0.18 as its maximum.
The combination of Elon Musk and politics in the United States has given rise to D.O.G.E, the Department Of Government Efficiency, of which Musk will be the head in the event of Donald Trump’s victory as President of the USA.
“`htmlIn mid-October, after Musk had shared his first tweet “D.O.G.E will fix it”, the crypto community seems to have deliberately misunderstood the acronym with the memecoin’s abbreviation. From that moment, the price of DOGE began to ride its bull run.
“`In that week, the price of Dogecoin started to perform better than the top 10 crypto, including Bitcoin (BTC). In fact, while DOGE was in a pump of +25% over the last seven days, BTC was in a pump of +12%, Ethereum (ETH) of +9.2%, Solana (SOL) of +8.5%, and BNB of +6%.
As of today, comparing the pump of +54% of Dogecoin in the last month, once again it confirms itself as the most performing crypto of the top 10. In fact, BTC is in a pump of +11%, SOL of +13%, ETH of +0.66%, BNB and Ripple (XRP) are instead in a price dump.
The price of Dogecoin soars with Elon Musk, but it is still far from its ATH
Despite the strong enthusiasm behind Dogecoin, especially thanks to Elon Musk, the price of the memecoin fails to take off to its all-time high (or All-Time High ATH) reached in 2021.
In this 2024, the leader crypto Bitcoin (BTC) has managed to surpass itself. In fact, in March of this current year, BTC recorded its new ATH above $73,000, which was then reached again last October 29.
On the contrary, DOGE is still very far from its true ATH reached in May 2021, at the price of $0.58.
This situation is also reflected in other major cryptos. For example, Ethereum (ETH) saw its ATH in November 2021 at a price of over $4600. During this year, the bull of March 2024 brought it to rise above $4000 but without going further. The same goes for Solana (SOL), with its ATH of November 2021 reaching nearly $260, and its peak in March 2024 just above $200.
BNB, on the other hand, followed the example of Bitcoin (BTC), performing better during this year and reaching its ATH of $710 in June 2024.
This overall picture suggests that even if DOGE has performed better than other cryptos in the last 30 days, such as ETH and SOL, it has not been able to surpass its ATH for 3 years.
The market sentiment for DOGE
In addition to the price, there are also other indicators that reveal the current mood towards DOGE. This is the Fear and Greed Index.
At the moment, the market sentiment for DOGE is “enthusiasm” with a score of 63 out of 100.
Despite still being positive, it actually seems that it is declining compared to previous days. For example, on October 29, the day when BTC reached its ATH, the index for DOGE had a score of 74.
On October 20, after Musk’s tweet and the bull price run underway, the Index for DOGE was at “Extreme Greed” with a score of 77.
