Dogecoin (DOGE), attracting attention in the cryptocurrency market with its strong price performance in recent weeks. DOGE, which recorded a 115% increase in just 30 days, reached its highest levels since 2024. This rise brought significant profits to the majority of investors and also led to a substantial increase in Dogecoin's market value. Speculations by Elon Musk about DOGE and market dynamics have greatly contributed to this rally. However, the course of DOGE price in the coming days is a matter of curiosity.

Dogecoin Reaches Peak Profitability

The recent price rally has put a large majority of Dogecoin holders in profit. Data shows that 91.17% of DOGE addresses are currently in profit. This indicates that approximately 5.82 million addresses have seen positive results from their Dogecoin investments, especially those who bought DOGE between 0.178 and 0.242 dollars, have made significant gains at current prices.

This situation has created a wave of trust among investors. However, profit-taking at these levels will exert downward pressure on DOGE price. If selling pressure exceeds buying interest, the price will retreat to the $0.22 level. Falling below this support level will weaken the current bullish outlook.

Will DOGE Continue Its Rise?

If Dogecoin can maintain the current uptrend, it will approach the all-time high of $0.73 by the end of the year. Currently trading at $0.2352, DOGE has shown an 11.5% increase in the last 24 hours. Crypto analyst Mags predicts that Dogecoin's price could soon reach $1.17. This forecast indicates that DOGE could gain significant momentum from its ongoing rally.

This strong momentum has significantly increased Dogecoin's market value. Dogecoin has surpassed XRP, reaching a market value of $35 billion. If the upward trend continues, it will surpass stablecoin USDC and reach higher rankings. The market performance of DOGE is greatly influenced by speculation as well as overall market sentiment.

Musk and DOGE: Political Speculations

Elon Musk's statements and speculations about DOGE played a key role in this rise. Musk expressed the idea of a 'Department of Government Efficiency' (D.O.G.E) in a Trump administration. These statements further increased interest in DOGE. Additionally, former President Donald Trump's support for Musk on this issue expanded the scope of speculation.

Such speculations have increased Dogecoin's popularity in the mainstream media and among individual investors. Investors believe that this positive sentiment could further drive up the price of DOGE. However, in addition to market dynamics, Musk's influence needs to be closely monitored for the sustainability of the price. As we have also reported at Kriptokoin.com, cryptocurrencies are risky assets. It is important to conduct your own analysis when making investments.

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