Dogecoin Could Hit All-Time High After Trump Inauguration, Influencer Predicts

Dogecoin (DOGE) may see a significant price surge following the upcoming presidential inauguration, according to a well-known influencer, Cephii. On Monday, Cephii highlighted similarities between the current market conditions and those observed after Joe Biden’s inauguration in 2021, when Dogecoin surged nearly 1100% within weeks. However, during that rally, the cryptocurrency took about a month to gain nearly 500%.

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Cephii suggested that the market setup this time is "nearly identical" to 2021, fueling optimism for a similar price increase. Another crypto analyst, Chandler, noted that Dogecoin hit a record high just eight days after Biden’s swearing-in. To achieve a new all-time high now, DOGE would need to double its current value, reaching $0.7316.

Market sentiment appears to support this bullish outlook. Data from the Long/Short Ratio indicator shows more traders taking long positions on Bitcoin, signaling growing confidence in the broader cryptocurrency market.

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Why Dogecoin Enthusiasts Are Excited
Dogecoin supporters are particularly optimistic about Donald Trump’s incoming administration, which plans to introduce the first-ever Department of Government Efficiency (DOGE). This new department, rumored to be led by Elon Musk, has sparked excitement within the crypto community. Additionally, there is speculation that Trump might sign cryptocurrency-friendly executive orders on his first day in office, further boosting investor sentiment.

The combination of historical patterns, market confidence, and potential regulatory developments has led many to believe Dogecoin could replicate its previous post-inauguration rally and potentially hit new price milestones.

Stay tuned for updates on this story as the inauguration approaches.

Also Read: Key Cryptocurrencies to Watch This Week: Bitcoin, XRP, Dogecoin & More