- Dogecoin surged over 25% to reach $0.21 on U.S. Election Day, hitting a seven-month high amid social media hype, and Elon Musk’s endorsing tweets.
- Dogecoin correlates with broader market movements that came via election day with the king of crypto, Bitcoin, hitting a record high of $74, 504.
Dogecoin, the 2013 founded meme-coin has hit center stage again. This comes after the meme-inspired coin surged by over 25% closing the $0.21 on the U.S. election day. This rally, which saw the token hit a seven-month-high was largely fueled by social media buzz and playful support from Tesla CEO Elon Musk.
Additionally, a pro-crypto narrative which has been associated with the newly elected president Donald Trump has also played a huge role in the token’s rally.
At the time of writing, DOGE is struggling to maintain upward momentum in the daily charts as the asset is exchanging hands at $0.1912 representing an 8.42% decline. On the other hand the digital asset has recorded an 11.34% and 76.92% surge in the past week and month respectively.
Although DOGE’s current price remains far below its all-time high of 40.73, set in May 2021, the recent surge highlights Dogecoin’s strong community support.
On a macro level, Dogecoin correlates with broader market movements that came via election day. The king of crypto, Bitcoin, hit a record high of $74, 504. For Bitcoin, BTC’s price was boosted by the enthusiasm surrounding Bitcoin ETFs and the bullish sentiment fueled by a potential Trump win.
Picking up on this, Josh Gilbert, market analyst at eToro stated that;
Although Bitcoin is sitting at record highs, it feels like this rally could just be getting started, this bull market has a lot of weight behind it, and that could keep driving the asset higher
Additionally, analysts have come forward dubbing this current rally as the “Trump trade” reflects the hope for a more favorable regulatory landscape under the Trump administration. As we have reported, trump has openly advocated for pro-crypto policies. At some point, Trump promised to fire SEC chairperson Gary Gensler.
Adding to the excitement, Elon Musk’s recent engagement with Dogecoin has rekindled enthusiasm around the meme coin. Musk and Trump hinted at the idea of creating a “Department of Government Efficiency” (D.O.G.E.), sparking significant hype. Musk, known for his playful support of Dogecoin, has historically influenced DOGE’s price through tweets, contributing to its all-time high in 2021.
This time, his interactions and Trump’s pro-crypto stance have helped fuel a renewed interest in the coin, leading to an 84% increase over the past month.
While Musk has downplayed his active involvement in cryptocurrency in recent months, his subtle references to leading a “D.O.G.E.” agency under a Trump administration have only added to the speculation and intrigue surrounding Dogecoin. These factors, combined with the general bullish atmosphere in the crypto market, have driven Dogecoin to this new high.
