Doge Surges 200% in Two Months: Is the 2024 Altcoin Season Here?

2024-11-11, 10:09

With the U.S. election settled, the “Trump Trade” strategy has proven effective once again. DOGE has successfully captured political attention, joining the broader Trump-themed investment package. This achievement wouldn’t have been possible without Elon Musk, the world’s richest man, who has fully committed his time, money, and influence to support Republican candidate Donald Trump in this election.
Musk’s brand and reputation are now deeply intertwined with Trump’s. Supporting Trump marks a significant step in Musk’s political ambitions. His alignment with Trump’s interests is likely to benefit Musk’s business empire should Trump secure a political victory. DOGE’s impressive performance reflects the market’s anticipation of these benefits.
Since October, DOGE has surged over 200%, climbing from $0.10 to briefly surpass $0.30. Its current market cap stands at $41 billion, ranking it 6th in the crypto market. So, how should one trade DOGE next?

Trading Strategy

Current Price: 0.27837 USDT
24H Change: +19.04%
24H High: 0.30369 USDT
24H Low: 0.23264 USDT
Support Level: 0.2569 USDT
Resistance Level: 0.30039 USDT
Market Sentiment: Extreme Greed (Fear & Greed Index: 77)

Strategy 1: Short-Term Long Position

Entry Price: 0.27837 USDT (current price)
Stop Loss: 0.2569 USDT (support level)
Target Price: 0.30039 USDT (resistance level)
Rationale:
The market’s extreme greed suggests a potential for further short-term gains. Breaking past previous highs demonstrates strong buying momentum. Setting a stop loss below the support level helps manage risk effectively.
Strategy 2: Short-Term Short Position
Entry Price: 0.30039 USDT (resistance level)
Stop Loss: 0.30400 USDT (24H high)
Target Price: 0.27837 USDT (current price)
Rationale:
Technical indicators show signs of overbought conditions (RSI), signaling a possible pullback. Shorting near resistance capitalizes on potential price corrections. Stop-loss placement above the 24-hour high minimizes unexpected breakout risks.
Other Notable Dog-Themed Meme Coins
NEIROCTO
Price: $0.00238
24H Change: -15%
Market Cap: $1 billion (Rank: 78)
NEIROCTO was inspired by a Shiba Inu named Neiro, adopted by Atsuko Sato in 2024 following the passing of Kabosu, Dogecoin‘s iconic mascot. NEIROCTO, an Ethereum-based token, gained credibility after a 4% airdrop to Ethereum co-founder Vitalik Buterin, who later donated the tokens to animal welfare causes. This project mirrors the success of SHIB, the second-largest meme coin with a $10.8 billion market cap.
WIF
Price: $3.02
24H Change: +18%
Market Cap: $3 billion (Rank: 35)
WIF, built on the Solana blockchain, features a Shiba Inu wearing a playful pink knitted hat. Despite lacking utility, WIF’s market cap reached $4.7 billion at its peak, highlighting the power of meme culture within the crypto space.
FLOKI
Price: $0.000175
24H Change: +12%
Market Cap: $1.67 billion (Rank: 56)
Inspired by a tweet from Elon Musk, FLOKI is another prominent dog-themed meme coin. Unlike traditional meme coins, FLOKI aims to incorporate utility through partnerships and innovations, attempting to shift perceptions of meme tokens.
Conclusion
From DOGE to NEIROCTO, WIF, and FLOKI, dog-themed meme coins continue to thrive, driven by community support and market enthusiasm. While these coins generally lack real-world utility, their strong community backing makes them popular among investors and crypto enthusiasts.
As major events like global elections unfold, meme coins could further capitalize on the resulting buzz. However, investors should remain cautious, analyze market trends, and adopt appropriate trading strategies to navigate this high-risk, high-reward environment.

Author: Icing, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.