Synopsis
Dogecoin surged 25% on Wednesday, reaching $0.2068, as traders speculated on a potential Donald Trump victory in the U.S. presidential race. The rally was fueled by Trump’s pro-crypto stance and Elon Musk’s vocal support for both Trump and Dogecoin. Analysts believe a Trump win could positively impact the crypto community, particularly following his proposal to establish the Department of Government Efficiency (D.O.G.E.), which Musk would lead if elected.
Dogecoin surged over 25% on Wednesday, reaching $0.2068, as traders speculated on a potential Donald Trump victory in the U.S. presidential race. Trump, widely seen as a pro-crypto candidate, has indirectly boosted Dogecoin, with the rally also attributed to Elon Musk’s outspoken support for both Dogecoin and Trump.
Analysts suggest that a Trump win could be viewed positively by the crypto community, partly due to his recent proposal to establish the Department of Government Efficiency (D.O.G.E.), which he plans to have Musk lead if elected. This move would likely amplify Musk’s influence in the crypto sector, potentially boosting interest in Dogecoin, a token Musk has consistently endorsed.
“Dogecoin has seen a major boost, supported by $30 million in liquidated short positions. Open interest in DOGE futures has risen from 7 billion to 8.3 billion tokens, indicating heightened market activity. Additionally, Musk’s endorsement of a ‘Department of Government Efficiency’ as part of Trump’s campaign appears to have further stoked interest in the meme token,” said the CoinSwitch Markets Desk.
Crypto Tracker
TOP COIN SETSAI Tracker3.41% BuyCrypto Blue Chip – 51.64% BuyWeb3 Tracker0.20% BuySmart Contract Tracker-0.00% BuyNFT & Metaverse Tracker-3.78% BuyTOP COINS (₹) Solana15,546 (14.09%)BuyEthereum221,001 (7.84%)BuyBitcoin6,226,349 (7.63%)BuyBNB48,966 (4.03%)BuyTether84 (0.27%)BuyAccording to media reports, Trump won 14 states in the election, while Democrat Kamala Harris captured four states and Washington, D.C. However, the race remains close in critical battleground states, with final results expected to take hours or even days.
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View Details »Over the last month, Dogecoin has surged by 84%, marking a 200% increase over the past year. Musk’s support, through tweets and public statements, has been a key driver, fueling Dogecoin’s popularity among investors.
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In the wake of Trump’s early lead in exit polls, Bitcoin also hit a milestone, reaching a new all-time high of over $75,000 on Wednesday. This surge, spurred by positive market sentiment, saw Bitcoin surpass its previous high of $73,750. As of 12:21 pm IST, Bitcoin was trading 8.7% higher at $74,645, while Ether rose 6.9% to $2,594. Dogecoin was trading 24% higher at $0.2076.
Dogecoin’s rally reflects its expanding role within the cryptocurrency market, with Musk’s backing remaining a potent force in shaping investor sentiment. As the election results continue to unfold, Dogecoin’s momentum could be sustained, particularly with Musk’s influence and potential regulatory focus on cryptocurrencies on the horizon.
Now all eyes are on the final election results, with investors eagerly awaiting more developments in the crypto sector.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
