TLDR
- Trump's revelation that the United States would have a 'strategic crypto reserve' shot the overall crypto market cap up by $300 billion, excluding Dogecoin from the inaugural list of accepted digital currencies.
- Billy Markus, the brain behind Dogecoin, emphasized its American roots, sparking reactions on social media from the Dogecoin official account and Elon Musk himself.
- Following the announcement, DOGE's price spiked 16% before settling with a 7.5% rise, landing at $0.219 as trading cooled off.
- There's talk among analysts that Dogecoin could skyrocket to $4, assuming it sustains its current support cushion between $0.16 and $0.19, factoring a nearly 1,900% upswing.
- Dogecoin's present value sits at $0.228427, reflecting a notable 10.66% increase over the past 24 hours with a trading volume of $3.69 billion.
In the wake of former President Trump's March 2, 2025 announcement regarding a U.S. 'strategic crypto reserve,' the crypto market experienced a colossal rally. Despite Dogecoin being initially absent from the chosen cryptocurrencies, its value surged by approximately 16% before stabilizing at a 7.5% advance.
Trump's strategic crypto reserve plans included heavyweights like Bitcoin, Ethereum, XRP, Solana, and Cardano, catalyzing a massive market response and inflating the crypto market cap by more than $300 billion.
The Dogecoin community was quick to react to its exclusion from Trump's initial reserve list. Co-founder Billy Markus jumped on social media to highlight DOGE's US roots, humorously claiming, \"Dogecoin was cooked up in Portland, Oregon.\"
In response to the news on social media, Dogecoin's official account retorted to Trump with a cheeky 'bruh,' a post that drew the amused acknowledgement of Elon Musk, who replied with a laughing emoji, leaving his position on Dogecoin's inclusion ambiguous.
Market Analysis
Experts have begun to analyze the potential trajectory for Dogecoin in view of these developments. Technical assessments suggest DOGE has held firm within a vital support threshold, seen as pivotal by some analysts for its forward momentum.
Crypto enthusiast Kevin anticipates that Dogecoin will eventually land in the reserve, pointing to Musk's camaraderie with Trump as a possible catalyst. He remarked, \"With Elon and Trump on the same page, it's only a matter of time before Dogecoin's part of the plan.\"
There's still room for more cryptocurrencies to be added to the U.S. reserve, as Trump hinted on Truth Social. He specifically mentioned the potential for 'other valuable cryptocurrencies' to join alongside Bitcoin and Ethereum.
Current market data shows Dogecoin Dogecoin trades at $0.228427, marking a 10.66% hike over the recent 24-hour period. Its $3.69 billion trading volume underscores lively market engagement despite persistent price swings.
Recent news has shifted Dogecoin's chart patterns, with the cryptocurrency rebounding into a pre-existing trend and probing critical support levels on the daily chart.
Analyst Martinez forecasts a path for Dogecoin to reach up to $4, representing a near 1,900% climb from its current spot, contingent on its preservation above the critical support zone.
If #Dogecoin $DOGE If support holds between $0.16 and $0.19, Dogecoin could embark on a journey to reach $4! pic.twitter.com/8bCUiNQewQ
— Ali (@ali_charts) March 2, 2025
Such a rally could catapult Dogecoin's market cap to the vicinity of $575 billion, potentially surpassing Ethereum's current standing. Nevertheless, it's a speculative vision hinging on favorable market conditions.
Today's price of Dogecoin marks a 69% drop from its peak of $0.74 reached back in 2021, illuminating both the bounce-back potential and the inherent volatility of cryptocurrency landscapes.
Trump’s narrative underscored Bitcoin and Ethereum as the cornerstone to their planned reserve, declaring, \"Bitcoin and Ethereum, alongside other vital digital currencies, will dominate the reserve, as I have a fondness for both.\"
Community voices such as Antonio Zamudio have pointed out the necessity for heightened advocacy to ensure Dogecoin's seat in the reserve. Zamudio recommended that while Musk and Trump are allies, dedicated proponents for Dogecoin might be essential to secure its future in the strategic reserve. for Dogecoin’s Dogecoin maintains its resilience in the marketplace, staying buoyant above key support parameters as traders and investors watch closely for any breakthrough news regarding its potential inclusion in the U.S. strategic crypto reserve.
Maisie, a seasoned journalist in the realm of crypto and finance, has penned articles for platforms such as Moneycheck.com, level-up-casino-app.com, and Computing.net, and now leads as Editor in Chief at Blockfresh.com.
