Dogecoin has solidified its position as a dominant force in the crypto market, briefly becoming the first meme to enter the top 5 earlier this quarter following an astonishing 200% surge. This rise has been fueled by renewed investor interest in established meme coins and Donald Trump’s triumphant election victory as the first pro-cryptocurrency president in charge of the world’s largest economy.

The bullish momentum in Dogecoin was further cemented when Donald Trump announced his proposed Department of Government Efficiency (DOGE), co-led by Elon Musk, and speculations started coming in on whether Dogecoin has mainstream relevance. Some other recent bullish developments include the launch of the Valour Dogecoin ETP in Sweden, the first exchange-traded product for Dogecoin in the Nordic region.

Over the past week, Dogecoin also hit a three-year high, bolstered by speculation over the potential integration of crypto payment features into Elon Musk’s X platform. While its price has since stabilized at $0.4, Dogecoin recently outpaced Porsche in market capitalization, highlighting Dogecoin’s expanding fame and influence in the mainstream consciousness.

Once considered unfathomable, the possibility of a Dogecoin spot ETF in the US has further fueled optimism among investors, with some analysts viewing it as the next logical step following Bitcoin and Ethereum ETFs. With Dogecoin’s ability to attract institutional interest and retail enthusiasm in equal spades, analysts believe these factors position Dogecoin for steady growth in the current bull market cycle, and some analysts predict that Dogecoin can hit $10 by the peak of the bull run.