The price of Dogecoin has seen a massive pumpup 25% to lead the current market gains. This notable increase follows the US presidential election, where many crypto analysts see potential Donald Trump win as an incredibly bullish result for Dogecoin price. Additionally, Trump publicly endorsed a new proposal from SpaceX and Tesla CEO Elon Musk to establish the Department of Governance Effectiveness (DOGE), fueling more positive market sentiment for the better coin.
Dogecoin price jumps 25% in one day
During the last 24 hours, the Dogecoin Price shocked the coin market and the broader crypto market with a massive increase in value. This premium coin has climbed by a whopping 25% and continuing to grow.
Dogecoin’s rapid price rise to the $0.2 mark aligns with the recent rise in the crypto marketas major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also experiencing a significant resurgence. A combination of investor optimism regarding the potential creation of Musk’s Department of Governance Effectiveness and the US presidential elections has led to the recent bullish sentiment and price rise of Dogecoin.
On November 4, the cryptocurrency market was in a waiting position, with investors take a wait-and-see approach before the results of the US presidential election. With the first results already available, many investors have already predicted that a Trump victory could lead to a significant bull run for Dogecoin.
These predictions are based on the new crypto narrative, DOGE, led by Musk. The Dogecoin meme coin is poised to take on new prominence, with many in the crypto community comparing Musk’s DOGE acronym to the reference to the popular meme coin.
Given the strong influence of social sentimentt and market trends on even coins, many speculate that if Musk succeeds in establishing the Department of Governance Effectiveness with Trump’s support, Dogecoin could become one of the official cryptocurrencies. Such a bullish move could lead to an unprecedented rise in the price of Dogecoin.
What a Trump victory means for the price of Dogecoin
Many crypto analysts are betting big on the likelihood that a Trump wins could lead to a significantly bullish outlook for Dogecoin price. Notably, crypto analyst Shelby has disclosed on X (formerly Twitter), DOGE has shown strong performance and momentum recently, skyrocketing as if Trump had already won the title. American election.
He predicts that if Trump wins the current presidential election, the price of Dogecoin could dominate the coin market as it experiences a “parabolic rally.” Similarly, a Dogecoin supporter on projected that the price of the meme coin will reach the coveted $1 mark when Trump wins the US elections.
Many crypto community members and analysts share this bullish sentiment, citing Musk’s DOGE proposal and Trump’s endorsement as major catalysts for a Dogecoin bull run.
Featured image created with Dall.E, chart from Tradingview.com