Crypto on the Rise: Dogecoin Soars Amid Trump’s “DOGE” Move, Bitcoin Eyes New Heights

Bitcoin Hits $90 as Rainbow Chart Points to Bigger Swings

Analysts say Bitcoin reached a new record of $90, with volatility likely to continue. The cryptocurrency is well within the "accumulate" zone, according to the popular long-term price trend tracker rainbow chart. During the previous bull runs, bitcoin pushed well into the red "bubble" territory; recent rallies haven't breached that level, which has sparked much speculation on whether future peaks reach six figures.

The chart places bitcoin above $200,000 by 2025 if it enters the "Is this a bubble?" zone. The chart, while giving historical insights, does not take into account exogenous variables, and surprises cannot therefore be wholly excluded as traders await the next big move with batted breath.

 

Dogecoin Surge After Trump Announces "DOGE" Department

Dogecoin blew out by almost 20% following the news from President-elect Donald Trump of the creation of the Department of Government Efficiency, #DOGE. Elon Musk and Vivek Ramaswamy will headline the charge in butchering bureaucracy and rules in an effort to reorganize federal agencies. The news saw an extended post-election rally for Dogecoin's gain of 153% since Election Day on its way to passing XRP to become the sixth largest cryptocurrency.

 

Their nature is akin to any other Memecoins, which are usually indicative of increased retail interest and risk appetite in the crypto market. The previous surge of it in 2021, driven by social media hype courtesy of Musk himself, showed how volatile it was because one event with Musk-like "Saturday Night Live" representation saw its price tumble.