Dogecoin (DOGE) surged $0.21 on US Election Day, hitting a seven-month high after days of bullish talk fueled by Elon Musk's playful tweets and public appearances with former President Donald Trump.
Doug It has increased by 30% in the last 24 hours and 20.6% in the last 7 days. CoinGecko data It shows. The meme coin was flipped Ripple (XRP), becoming the 7th largest crypto with a market cap of $30 billion.
While still below the all-time high of $0.73 set for May 2021, DOGE's election day rally points to the enduring appeal of the meme coin.
Dogecoin's Election Day rise coincides with a larger bullish trend in the crypto market. Bellwether crypto Bitcoin (BTC) hit a new high of $74,504 on demand Bitcoin ETFs And the fearful atmosphere surrounding Trump's victory.
“While Bitcoin is sitting at a higher level, it looks like this rally may just be starting,” Josh Gilbert, market analyst at eToro, told Decrypt in a statement. “This bull market has a lot of weight behind it, and that could push assets higher.”
That could bode well for altcoins, including DOGE, which typically rises alongside significant moves in the world's largest crypto.
In the days before the election, Tesla and space CEO Elon Musk and presidential candidate Trump They made fun of him The idea of a “Government Efficiency Unit” (DOGE) is causing excitement among Dogecoin enthusiasts.
Musk's playful engagement with the concept through him Tweets And subtle allusions during the election campaign, along with Trump's vocal support for a pro-crypto agenda, have created clamors that have pushed DOGE to a five-month high, up 84% last month.
Unlike Vice President Kamala Harris, who has not voted on crypto policy, Trump has positioned himself as a friend to the crypto community. Many see Trump's return to office as a positive development for crypto, with favorable regulations expected under his leadership.
Analysts have dubbed this rally a “trumpet trade” as investors speculate that Trump's policies could boost the crypto industry.
Credited with helping DOGE reach an all-time high in 2021 through a series of tweets, Musk's recent comments about leading the “DOGE” agency have added fuel to the speculation, leading fans to believe he will still support Dogecoin.
Although Musk has recently downplayed his involvement in crypto, the idea that Trump could lead the DOGE agency if he wins adds to the speculation that has surfaced in recent months.
In the year Created in 2013 as a parody of a Bitcoin gamer, Dogecoin has become one of the top cryptos to move through internet culture and the influence of figures like Musk.
Edited by Sebastian Sinclair.
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