The Dogecoin price has surged over 10% in the last seven days, providing a bullish outlook for the foremost meme coin. This development has occurred due to several factors, including Donald Trump’s decision to ease off on certain tariffs.
Why The Dogecoin Price Surged Over 10%
CoinMarketCap data shows that the Dogecoin price has skyrocketed over 10% in just one week. This surge commenced over the weekend following reports that Donald Trump’s anticipated tariffs on April 2 might be limited to specific sectors, which alleviated previous market fears.
In a recent address, Trump indicated a possibility of giving many nations a reprieve on reciprocal tariffs, a move that could mitigate trade tensions and foster a positive outlook for the Dogecoin price as well as other risk assets. This announcement has piqued investor interest, leading to increased bets on DOGE and subsequently contributing to its price rise.
Additionally, the Dogecoin price surge coincided with the recent escalation of the Bitcoin price to $88,500. Given that Dogecoin shares a robust positive price correlation with Bitcoin, it is likely to follow suit as BTC achieves new heights. As Bitcoin’s price rallies, the outlook for the broader crypto market strengthens, creating a favorable environment for DOGE.
Moreover, significant accumulation by Dogecoin whales has further fueled the price increase. Recently, these whales purchased over 120 million DOGE, with the House of Doge, the institutional arm of the Dogecoin foundation, acquiring an additional 10 million DOGE to establish its official reserve.
DOGE Ready For Rally To $1
In a recent post on X, crypto analyst Master Kenobi suggested that the Dogecoin price is poised to rally towards the psychological $1 milestone. He noted a substantial bullish divergence that could drive DOGE close to $1 by June of this year. Master Kenobi observed that DOGE is mirroring the bullish patterns exhibited during the 2017 crypto bull run, projecting that it could reach $1.10 if a second parabolic phase emerges in this cycle, akin to what occurred in 2017.
Similarly, crypto analyst KrissPax commented that the current trading pattern of the Dogecoin price aligns closely with that of the 2017 bull cycle. He remarked that should a second significant breakout of this cycle occur, DOGE may ascend beyond its current all-time high (ATH). His analysis suggests that if this breakout takes place, the meme coin could potentially rally as high as $4.
As of the latest update, the DOGE price is trading around $0.184, reflecting a growth of over 4% in the last 24 hours, according to data from CoinMarketCap.
