Dogecoin faces volatility amid political support and whale activity

Dogecoin has seen a 10% surge in the past week, reaching $0.34, with an 8% decline today, indicating the volatility of the coin’s price.

The meme coin is currently trading at around $0.35, and is seeing increased trading activity, indicating increased demand.

Data from CoinMarketCap shows that the coin’s trading volume has increased by 20% in the past 24 hours to over $9 billion.

The coin has been associated with political support with Donald Trump’s return to the White House and Elon Musk’s role as director of the eponymous Department of Government Efficiency (DOGE), which has increased optimism for the coin.

However, the initiative faces legal challenges that could impact the market.

Despite the price volatility, the increased activity and general interest suggest that additional gains could be made in the near term.