DOGE Surges as Donald Trump Gains Momentum in US Elections

Crypto traders’ favorite memecoin, Dogecoin(DOGE) is up by 11.01% in the last 24 hours, at the time of writing, and this surge coincides with Donald Trump gaining momentum in US Presidential elections.

DOGE is exchanging hands at $0.1679 with a market cap of over $24 billion along with a 24-hour trading volume of $2.97 billion which has surged by 45.43%.

Courtesy: Coinmarketcap

This is interesting to note because top cryptocurrencies like BTC and ETH are not precisely performing the same way. They are either down or have marked an upward trajectory with a small margin.

A rise in the price of DOGE is credited to Donald Trump gaining momentum in the US Presidential elections. His stand on key issues like immigration and tax cuts are coming in handy against vague expressions of Kamala Harris who has largely criticized him without offering much as an alternative. Also working in favor of Trump – and DOGE in an indirect sense – are Republicans coming out in large numbers to cast their votes during the early voting phase.

One of the biggest winning factor for Dogecoin is undoubtedly, the insinuations and playful endorsements from ‘Doge- father’- Elon Musk, who has promised Department of Government Efficiency (D.O.G.E), if Trump wins.

Dogecoin’s movement in the last 24 hours has been nothing but dramatic in an expected sense. It started the movement at around $0.15, peaked at $0.1563, and then dipped to $0.1512. The range was within control and hence, investors stayed around. A rise to $0.167 is a well-deserved payout if they choose to stick around a little longer. Chances are investors would opt to see how the sentiments evolve after November 05, 2024.

Short-term predictions are bearish for DOGE. The next 5 days are estimated to see a price of $0.160401 followed by a drop to $0.14133 which would roughly translate to a dip of 13.12% on a monthly basis.

That can be read as a natural course of movement considering the ongoing phase is bullish with 69 points per FGI. Trade is also largely on a higher side when compared to the 50-day SMA of $0.123836 and the 200-day SMA of $0.128977. Volatility is a concern as it is at around 15.03% right now. It translates to the fact that the price movement could be swift in the times to come if the same rate prevails.

Dogecoin has gained 1.65% in the last 7 days. The last couple of days had red trades. So, the rise is noteworthy which builds on the gain of 53.52% in the last 30 days.

One crypto enthusiast, Dan Gambardello, has pointed out that the DOGE had a market cap of $350 million on Election Day 2020. It then gained more than 20,000% in value. 

Community members are optimistic about this prediction, stating that it is one of the few tokens to have seen organic growth without presale market makers, among other factors.

All eyes are on DOGE as it widens the gap against Shiba Inu in terms of market cap to further build on the developments happening under the light of the US Presidential elections.

Also Read: Crypto Expert Mocks Bitcoin as ‘Ultimate Memecoin’, Hails Dogecoin Instead