Dogecoin Prices Rise, This Is The Cause!

JAKARTA - Dogecoin (DOGE), the first meme coin in the crypto industry has again attracted market attention. DOGE prices managed to jump significantly to close to 0.17 US dollars (Rp2,635). This is a price DOGE has not achieved since last June. The increase was driven by a number of factors such as increasing interest in the derivative market, and support from Elon Musk.

Elon Musk's role in driving DOGE prices cannot be ignored. Musk's support for the Donald Trump campaign, plus his signal about the possibility of forming a Government Department of Efficiency or Department of Government Efficiency (D.O.G.E.), has sparked heated talk among crypto investors.

Musk even said that the department has the potential to save up to $2 trillion in funds for the US, which further strengthens market optimism for DOGE. Shortly after, Musk updated his avatar icon on social media into the Dogecoin logo. DOGE prices immediately soared.

Not only in terms of sentiment, Dogecoin's derivative data also shows a positive trend. Dogecoin's trading volume in the market is soaring, while open interest is up 34% to 1.48 billion US dollars (Rp 22.94 trillion), this signifies the great interest of institutional and retail investors. Although some traders decided to take advantage of this spike, market sentiment remains optimistic. This can be seen from the long-to-short ratio on the Binance platform which shows the dominance of the buying position, indicating confidence in DOGE's potential future price.

On-chain, data showed increased activity, with DOGE's number of active addresses reaching more than 84,000 in recent days. This increase indicates a high user participation in DOGE transactions, which reinforces market optimism. Analysts estimate DOGE believes that the meme coin price has the potential to rise again if these positive factors continue to support price trends.

In the past week, DOGE's price has increased by 25 percent. While in the last 24 hours, Dogecoin has increased by 5.5 percent. Currently, Wednesday, October 30, the meme coin is trading at IDR 2,726 per coin, according to data reports from CoinGecko.