Dogecoin (DOGE) Price Rises 22% in Hours: Here’s Why
The cryptocurrency market has gone parabolic in the last couple of hours, and it has everything to do with the US presidential election.
Dogecoin is no different. The price of DOGE increased by more than 22% in a few hours, rising from the initial level of $0.20.
In fact, a few minutes ago the price almost touched $0.22, but since then it has pulled back a bit.
This is at a time when the chances of success for the Republican candidate – Donald Trump – are increasing.
CryptoPotato reports that the odds of winning the presidential race have increased to almost 90% on the popular prediction market Polymarket.
Dogecoin has been a stellar performer throughout the past week, replacing XRP as the 7th largest cryptocurrency by total market capitalization.
Most of Dogecoin's gains can be attributed to traders expecting Trump to win the election and the so-called Government Efficiency Initiative (DOGE for short) headed by none other than Elon Musk.
Musk mentioned that in his latest presentation on Joe Rogan's podcast the other day, causing another pump in DOGE's price.
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