Dogecoin (DOGE) may see a significant price surge after the upcoming presidential inauguration, according to well-known influencer, Cephii. On Monday, Cephii highlighted the similarities between current market conditions and those seen after Joe Biden’s inauguration in 2021, when Dogecoin surged nearly 1,100% within weeks. However, during that rally, it took about a month for the cryptocurrency to gain almost 500%.
Cephii suggested that the market setup this time is “almost identical” to 2021, fueling optimism about a similar price rise. Another crypto analyst, Chandler, noted that Dogecoin hit a record high just eight days after Biden was sworn in. To reach 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 in Bitcoin, indicating growing confidence in the broader cryptocurrency market.
Why Dogecoin Enthusiasts Are Excited
Dogecoin supporters are particularly optimistic about the incoming Donald Trump administration, which plans to introduce the first Department of Government Efficiency (DOGE). This new department, rumored to be headed by Elon Musk, has sparked excitement within the crypto community. Additionally, there is speculation that Trump could sign pro-cryptocurrency executive orders on his first day in office, further boosting investor sentiment.
The combination of historical patterns, market sentiment, and potential regulatory developments has led many to believe that Dogecoin could replicate its previous post-inaugural rally and potentially reach 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 and More