While Donald Trump's victory in the presidential elections brought the price of Bitcoin (BTC) to a new record, the cryptocurrency is not the only one to explode. Dogecoin (DOGE) is following a stratospheric trajectory, driven by the possibility of Elon Musk's arrival in government.
Dogecoin (DOGE) explodes higher against the backdrop of the American election
Last November 6 was the start of the explosion for Dogecoin. The memecoin has in fact experienced a clear increase since last week, and its progress has only accelerated in recent days. Over the last 24 hours, it has increased by 36%, now exceeding the threshold of 0.42 dollars. :
The price of Dogecoin (DOGE) has exploded since November 6
For comparison, Bitcoin “only” gained 10% over the same period. Over the week, the DOGE posted +151%, a breakthrough worthy of his glory days. Because it must be remembered that unlike BTC, DOGE has not yet regained its absolute record, which was established at $0.73 in May 2021.
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It will therefore still take a breakthrough of 43% to bring Dogecoin to its record, and perhaps at the psychological threshold of 1 dollar. It's a dream area for the DOGE community, it now seems within reach.
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Elon Musk in government alongside Donald Trump?
Elon Musk positioned himself as a supporter of Donald Trump following his assassination attempt. He also communicated his desire to play a key role in the future republican government. Rumors circulating in recent days indicate that the billionaire could indeed have a role reserved by the future president.
According to Forbes, Donald Trump wanted Elon Musk to be in charge of “government effectiveness». According to USA Today, Tesla CEO would be positioned to become “Secretary of Cost Reduction ». Donald Trump has indeed praised the actions of Elon Musk within X (formerly Twitter) and wishes to emulate them within the government.
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Elon Musk remains closely linked to Dogecoin in the imagination of investors, even if the billionaire is not part of the development team. However, he publicly supported cryptocurrency, and nicknamed himself “Dogefather” for a time. Its appearances are therefore often linked to movements in the DOGE price. An arrival in government could therefore be a source of new turmoil.
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Source : TradingView, USA Today
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how industry news influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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