Main Takeaways
- This article aims to explain the surge of Dogecoin before the election ends.
- We will explore how Trump’s victory and Elon Musk can impact the future of Dogecoin.
- We also discuss the market expectations for Doegecoin.
Dogecoin rides election waves
Introduction
As the 2024 U.S. election is coming to an end, the crypto market is getting more vibrant than ever. The outcome of this election can affect the cryptocurrency scheme heavily, whether the next president is Trump or Harris. In these very last days, Dogecoin has suddenly gained significant momentum and captured the attention of communities. Does this predict anything, or just another random surge? We will dive into this question in this article.
What Has Dogecoin Achieved In The Last Few Hours?
On November 5, 2024, Dogecoin, known as the “meme coin king,” reached a trading volume of $3.07 billion in 24 hours, and its market cap hovered at $24.61 billion. This market cap is an increase of 8.1% compared to just a day before. Noted that this happens when the polls are in favor of Trump.
Trump’s Victory and Dogecoin
Trump’s victory could positively affect Dogecoin
In the article discussing “How the 2024 U.S. Election Could Shape the Future of Cryptocurrency,” we mentioned how Trump’s victory can benefit the cryptocurrency market. The surge of Dogecoin at the end of the election where Trump is winning suggests that investors believe this is a promising signal for Dogecoin.
The current rally of Dogecoin can be viewed as a reflection of the market’s confidence in Trump’s policies that favor cryptocurrencies. If Trump does what he promised, the environment for crypto will be loosened, indicating a huge push for this market.
Analysts expect Bitcoin to reach $100K this year if Trump becomes president. With the polls leaning towards him, the meme coin’s value could gain significant growth if the desired scenario happens.
The Musk Factor
Elon Musk’s outspoken support for Donald Trump in this election could have a unique influence on the cryptocurrency market, particularly on Dogecoin. Recently, Musk has been vocal on X (formerly Twitter) about his backing of the Republican Party and Trump, reinforcing a potential synergy between his influence and Trump’s popularity.
As a leading figure in the tech and financial spaces, Musk’s affinity for Dogecoin has encouraged both visibility and interest in the coin, inspiring a distinct cultural following. If Trump secures his victory, it could introduce a political climate that encourages innovations in crypto markets, benefiting unconventional assets like Dogecoin. Given Musk’s influence, Trump’s presidency could add legitimacy to Dogecoin, aligning with Musk’s initiatives and amplifying market enthusiasm.
Though Musk’s posts often include playful exaggeration, they highlight a core appeal of Dogecoin—its blend of humor, community, and finance. As Musk’s online support for Dogecoin continues to resonate with a broad base of followers, many see the coin as more than a digital asset. Instead, it represents a humorous take on financial empowerment, which could gain momentum if Musk’s influence converges with the Trump administration.
Dogecoin got huge support from Elon Musk
Market Expectations for Dogecoin
Technical analyses from market watchers like Kevin Capital suggest that Dogecoin’s chart is signaling positive movement ahead of the election. Polymarket data also highlights that Trump’s chances of victory currently sit around 60.7%, with Kamala Harris following closely at 39.4%. This statistical advantage, coupled with Musk’s focus on the “D.O.G.E” (Department of Government Efficiency), could strengthen Dogecoin’s perceived legitimacy and usability.
Musk’s support for both Trump and Dogecoin could create a unique synergy, placing the meme coin in a favorable position for a surge in both visibility and value. In the next few months, we will likely observe rapid changes in cryptocurrency in the political landscape.
Conclusion
Dogecoin thriving in the final stage of the election indicates a huge expectation from Elon Musk’s followers for the victory of Donald Trump. With Trump holding more than 60% favorability rating, 20% more than his opponent, Kamala Harris, it is optimistic for a Trump win. However, anything can happen in the remaining period, so we are still unsure about the final outcome. However, it seems like crypto enthusiasts, especially Dogecoin investors, are watching the election closely and longing for a president who will make America great again.
Disclaimer: The content of this article is provided for informational purposes only and should not be considered investment advice, financial advice, or any other type of professional advice.