The Dogecoin price has a huge pumprising as much as 25% to lead current market gains. This remarkable increase follows the US presidential election, where many crypto analysts see potential Donald Trump gain as an incredibly bullish result for the Dogecoin price. In addition, Trump has publicly endorsed a new proposal from SpaceX and Tesla CEO Elon Musk to… Ministry of Administrative Efficiency (DOGE), driving more positive market sentiment for the top meme coin.
Dogecoin price rises 25% in one day
In the past 24 hours the Dogecoin price has shocked the meme coin and broader crypto market with a significant increase in value. This top meme coin has climbed by no less than 25% and is constantly growing.
The rapid rise in Dogecoin’s price to the $0.2 milestone corresponds to the recent upswing in the crypto marketas top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are also seeing significant increases. A combination of optimism among investors about the possible creation of Musk’s Department of Governance Efficiency and the US presidential election has led to the recent bullish sentiment and rise in Dogecoin price.
On November 4, the crypto market was in a hold position Investors are taking a wait-and-see attitude in anticipation of the outcome of the American presidential election. With the first results already coming in, many investors have already done so predicted that a Trump victory could lead to a significant bull run for Dogecoin.
These predictions are based on the new crypto story, DOGE, led by Musk. The Dogecoin meme coin will take on new meaning, with many in the crypto community comparing Musk’s DOGE acronym to the popular meme coin.
Considering the strong influence of social sentimentt and market trends on meme coins, many speculate that if Musk successfully establishes the Department of Governance Efficiency with Trump’s support, Dogecoin could become one of the official cryptocurrencies. Such a bullish move could lead to an unprecedented rally for the Dogecoin price.
What a Trump victory means for the Dogecoin price
Numerous crypto analysts are betting big on the likelihood that a Trump wins could lead to a significantly bullish outlook for the Dogecoin price. Crypto analyst Shelby in particular has done this revealed on X (formerly Twitter) that DOGE has shown strong performance and momentum lately, skyrocketing as if Trump has already won the election American elections.
He predicts that if Trump wins the ongoing presidential election, Dogecoin price could lead the meme 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 when Trump wins the US elections.
Numerous crypto community members and analysts share this bullish sentiment, citing Musk’s DOGE proposal and Trump’s support as major catalysts for a Dogecoin bull run.
Featured image created with Dall.E, chart from Tradingview.com