The election season is intensifying, and some savvy investors are turning their focus to DOGE—though not the traditional Dogecoin that ranks 8th in market cap.
Instead, they’re eyeing the Ethereum-based memecoin known as DOGE (Department Of Government Efficiency), which currently has a market value of $76.1 million.
A notable investor, who previously achieved a 60x return of $3.4 million with $MAGA, is now making bold moves with this version of DOGE. Within the past eight hours, he invested $324,000, purchasing 6.01 million DOGE tokens.
Currently, he holds a total of 33.35 million DOGE, having acquired them at an average price of $0.01614, while the current trading price stands at $0.07712. His recent stake has already netted him an impressive floating profit of $2.045 million.
DOGE Gets The Attention Again As Investors Monitor Elon And Election Involvement
The excitement around DOGE is further fueled by speculation that influential figures like Elon Musk could have sway over the next administration under the 47th President, Donald Trump. Musk’s well-known affinity for Dogecoin has led to anticipation that this alternative DOGE token might see substantial gains in the near future.
Historically, in past bull runs, once DOGE crosses the 0.50 Fibonacci retracement level, it often surges to the 1.618 or even 2.272 Fib levels.
Should this pattern continue, DOGE could be poised for an astonishing price jump, potentially reaching between $4 and $23. With momentum building, investors are closely watching for signs that this Ethereum-based DOGE might just be the next big opportunity in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.