Analysts suggest that a Asset victory could be seen positively by the crypto Community, in part because of his recent proposal to establish the Department of Government Efficiency (DOGE), which he plans to have a musk lead if elected. The move would likely amplify Musk’s influence in the crypto sector, potentially boosting interest in Dogecoin, a token Musk has always endorsed.
“Dogecoin saw a major boost, supported by $30 million in liquidated short positions. Open interest in Doge Futures increased from 7 billion to 8.3 billion tokens, indicating increased market activity. Additionally, Musk’s endorsement of a “Department of Government Efficiency” as part of the Trump campaign appears to have a more widespread interest in meme throwing,” Coinwitch Markets Desk said.
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Donald Trump clinched the White House after securing the swing state of Wisconsin and reaching a majority of 277 electoral votes, establishing him as the 47th president of the United States. The Republican also captured Pennsylvania, as well as North Carolina and Georgia, and gained leads in Michigan.Over the past month, Dogecoin has surged 84%, marking a 200% increase over the past year. Musk’s support, through tweets and public statements, has been a key driver, fueling Dogecoin’s popularity among investors.
Following Trump’s victory, Bitcoin also set a new record high, reaching over $75,000 on Wednesday amid positive market sentiment. At 4:54 p.m. IST, Bitcoin traded up 7.6% to $74,082, with ether up 7.7% to $2,627. Dogecoin remained strong, trading 19% to 0.2023.3.Dogecoin Rally highlights its growing role in the crypto market, with Musk’s influence remaining a key factor in shaping investor sentiments. With election results continuing to build, Dogecoin’s momentum may endure, especially as Musk’s influence and potential regulatory changes loom from the crypto sector.
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