The price of Dogecoin has experienced a significant increase, rising by 25%, leading the current market. This remarkable growth occurred after the US presidential election, with many cryptocurrency analysts believing that Donald Trump could win, which would be a very favorable outcome for the price of Dogecoin. Furthermore, Trump publicly supports the new proposal put forward by SpaceX and Tesla CEO Elon Musk to establish a Governance Efficiency Department (DOGE), which has brought a more positive market sentiment to the top MEME token.
Dogecoin price surges 25% in a single day
Over the past 24 hours, the price of Dogecoin has risen significantly, shocking the MEME coin and the broader cryptocurrency market. The price of this top MEME coin has surged by 25% and is still continuing to rise.
The price of Dogecoin has quickly reached the milestone of $0.2, which is in line with the recent rise in the cryptocurrency market, as top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have also experienced significant increases. Investors' optimism about the potential establishment of Musk's Governance Efficiency Department and the US presidential election has led to the recent bullish sentiment and the rise in Dogecoin's price.
On November 4th, the cryptocurrency market was in a state of uncertainty, with investors taking a wait-and-see attitude before the results of the US presidential election were announced. With the early results being released, many investors have already predicted that a Trump victory would lead to a significant surge in Dogecoin.
These predictions are based on the new cryptocurrency DOGE led by Musk. The Dogecoin MEME coin will gain new meaning, with many in the cryptocurrency community comparing Musk's DOGE abbreviation to the popular MEME coin.
Given the strong influence of social sentiment and market trends on MEME coins, many speculate that if Musk successfully establishes the Governance Efficiency Department with Trump's support, Dogecoin could become one of the official cryptocurrencies. Such a bullish move could lead to an unprecedented surge in the price of Dogecoin.
What a Trump victory means for Dogecoin's price
Many cryptocurrency analysts have bet that a Trump victory could significantly boost the price of Dogecoin. Notably, cryptocurrency analyst Shelby revealed on X (formerly Twitter) that Dogecoin has recently shown strong performance and momentum, soaring as if Trump had already won the US election.
He predicted that if Trump wins the ongoing presidential election, the price of Dogecoin could lead the MEME coin market, as it will experience a "parabolic rise". Similarly, a Dogecoin supporter named "Dogegod" on the X website predicted that when Trump wins the US election, the price of MEME coins will reach the coveted $1 mark.
Many members of the cryptocurrency community and analysts hold this bullish sentiment, believing that Musk's DOGE proposal and Trump's support are the main catalysts for the Dogecoin bull market.
