A widely followed X personality on Monday drew attention to a potential surge in Dogecoin’s DOGE/USD price following the upcoming presidential inauguration.
What Happened: Cephii, a strong backer of the world’s largest meme coin, highlighted the historical pattern of Dogecoin’s spike post-presidential inauguration.
Cephil noted that the dog-themed cryptocurrency surged nearly 1100% a week after the inauguration of Joe Biden in 2021.
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It’s worth noting that while DOGE did rally after the swearing-in, the surge wasn’t this sudden. It took a month for the asset to gain nearly 500% since the inauguration.
The influencer further pointed out that the pattern post-election this time around is “nearly identical” to that of 2021, implying a repeat of the rally.
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Another technical analyst, going by the pseudonym Chandler, reminded that DOGE hit a new all-time high eight days after the inauguration. To reproduce the feat, DOGE would need to double in value to $0.7316.
Why It Matters: Dogecoin enthusiasts are optimistic about the incoming Donald Trump administration, which will have the first-ever Department of Government Efficiency, or DOGE, led by tech mogul Elon Musk.
Investors also appeared to price in promising developments with regard to cryptocurrency regulations in the U.S., with some reports suggesting that Trump would sign crypto-related executive orders on Day 1.
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