Dogecoin Skyrockets: Trump and Elon Musk Fuel 30% Price Surge

Dogecoin’s price has surged by an impressive 30%, mirroring Bitcoin’s gains, thanks to the potential victory of Donald Trump in the U.S. elections.

At the time of writing, DOGE is trading at $0.2066 USD, boasting a daily gain of 28%. In certain trades, it briefly reached $0.22 USD, achieving a 30% daily increase—levels unseen since last July.

This rise reflects a broader trend across the cryptocurrency market, with most of the top 100 crypto assets posting gains.

One crypto enthusiast declared, “They can’t hold it back any longer. Dogecoin is ready to soar. DOGE is gaining momentum.”

Trump’s Crypto-Friendly Image Fuels Memecoin Rally

A significant factor behind this surge is Trump’s “pro-crypto” stance. His platform included promises supportive of the crypto sector, and he even initiated a crypto-lending project known as World Freedom Monetary. Trump’s favorable view of digital assets has energized the Dogecoin community, who now see the potential for regulatory support.

The Influence of Elon Musk in DOGE’s Market Performance

The price rally of DOGE is not solely tied to Trump’s apparent win; Elon Musk’s support has also played a crucial role. Throughout the presidential campaign, Musk voiced strong support for Trump, frequently appearing at events where Dogecoin was prominently featured. Investors view this as a bullish signal for Dogecoin, especially as Trump’s victory becomes increasingly likely.

Notably, Musk’s alignment with Trump has expanded his political influence, leading to speculation that his platform, X, might soon integrate financial functions where Dogecoin could take center stage.

Investors Anticipate Musk’s Vision of ‘D.O.G.E.’

Crypto enthusiasts are also speculating that, with Trump’s win, Musk could spearhead an initiative for the so-called Department of Government Efficiency (D.O.G.E.), an idea he proposed during the campaign that resonated with Trump.

Memecoins Surge Across the Board

Most of the top 100 memecoins are experiencing gains, with few exceptions, as reported by CoinMarketCap. Dogecoin is not alone in its rally—NEIRO surged 25% daily, while WIF gained 20%. The second-largest memecoin by market cap, SHIB, rose 10.03% daily, and PEPE posted a 15.28% gain.

Overall, the memecoin sector is seeing strong two-digit percentage gains, a testament to the optimism surrounding Trump’s pro-crypto stance.

Navigating the Rally with Caution

Given the inherent volatility in the memecoin market, this rally presents opportunities but also calls for caution. Traders should consider safeguarding against possible pullbacks as the market adjusts.