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A extensively adopted X character on Monday drew consideration to a possible surge in Dogecoin’s (CRYPTO: DOGE) value following the upcoming presidential inauguration.
What Occurred: Cephii, a powerful backer of the world’s largest meme coin, highlighted the historic sample of Dogecoin’s spike post-presidential inauguration.
Cephil famous that the dog-themed cryptocurrency surged practically 1100% every week after the inauguration of Joe Biden in 2021.
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It’s price noting that whereas DOGE did rally after the swearing-in, the surge wasn’t this sudden. It took a month for the asset to realize practically 500% because the inauguration.
The influencer additional identified that the sample post-election this time round is “practically similar” to that of 2021, implying a repeat of the rally.
See Additionally: If there was a brand new fund backed by Jeff Bezos providing a 7-9% target yield with monthly dividends would you invest in it?
One other technical analyst, going by the pseudonym Chandler, reminded that DOGE hit a brand new all-time excessive eight days after the inauguration. To reproduce the feat, DOGE would want to double in worth to $0.7316.
In the meantime, sentiment has additionally shifted within the derivatives market. The variety of merchants putting bullish bets on Bitcoin exceeded these shorting the asset within the final 24 hours, according to the Lengthy/Brief Ratio indicator.
