High Dogecoin (DOGE) price estimates as of late.

TL; DR

Some analysts highlight DOGE's strong chart patterns and see the recent dip as a buying opportunity.
Elon Musk's role in the US government under the Trump administration and DOGE's support could increase its visibility and usage, leading to price growth.

brand new DOGE Rally on the horizon?

The meme coin niche has been hit hard in the last 24 hours, with its market capitalization down more than 13 percent. Among the worst-hit assets showing double-digit price declines were Shiba Inu (SHIB); dogwifehat (WIF), Bonk Inu (BONK), Popcat (POPCAT), Peanut Squirrel (PNUT) and more.

The undisputed leader of the sector – Dogecoin (DOGE) – is the same all right In red, though, he suffered a little less than most of his rivals. Several hours ago, the price dropped below $0.40, and currently, it trades around $0.41 (per CoinGecko data), which is a 5.5% drop on a daily basis.

But many analysts are unfazed by the setback. Some, like Ali Martinez, even praised the dip, seeing it as a buying opportunity.

See where we are in the #Dogecoin $DOGE bull cycle! Too early, right?

Because of this, I'm thankful for the dip and buy more between $0.40-$0.30. The target remains $3, and if things get wild, $18! pic.twitter.com/jdPODkxgHe

— Ali (@ali_charts) December 9, 2024

Other industry participants who have made bullish Dogecoin price predictions include Jake Wujastyk and Cephii. The former It is described A recent correction may be followed by another rebound as “to clear the small drain”.

Cepheus He said he deserved it. That DOGE is one of the “strongest charts around” and has great potential for further gains. In the near future.

Will DOGE thrive under Trump?

Donald Trump's victory in the US presidential election last month was undoubtedly considered big news by DOGE supporters. After all, America's incoming political leader has Elon Musk in his inner circle and even appointed him to head a new department called the Department of Government Efficiency (DOGE).

The unit is expected to reduce bureaucracy, reduce government spending and increase efficiencywith Trump He explains It is the modern “Manhattan Project”.

For his part, Musk is a prominent supporter of Dogecoin, often extolling its benefits and X. Earlier this year, Tesla (the EV giant led by the billionaire) Integrated meme coin as a payment method on the website. There are also rumors that X (the social media platform that Musk bought in 2022 for $44 billion) may sooner or later accept DOGE settlements.

Elon Musk's involvement in the US political arena may have a positive impact on the price of DOGE. However, it depends on the performance Various Other factors such as broader market trends and developments in the Dogecoin ecosystem.