A week has passed since the US election last Tuesday, and Trump's crushing victory has confirmed Musk's position as the first hero. Musk-related concept coins have also started to rise like a rocket, the most important of which is the first token that Musk publicly shill for in the past: Dogecoin (DOGE).
Since November 5, Dogecoin has risen by more than 170%, including a 45% increase today, and its market value has officially exceeded $60 billion. It is currently ranked 6th in the market value ranking, firmly sitting on the throne of "the largest meme coin."
Dogecoin's trend over the past 7 days
Rising for 7 consecutive days, why is Dogecoin so strong?
Musk is the biggest winner of the US election. Musk invested hundreds of millions of dollars and cheered for Trump on Twitter every day before and after the election, but the rewards were also huge. In the past week, Tesla's stock price rose from $250 to $350, with a market value of more than $1 trillion. Musk's personal net worth soared by $70 billion to $320 billion, and his position as the world's richest man has become more solid.
With Trump's victory in the US election, the entire crypto industry has exploded. The price of the currency has started to rise as if it was riding on Musk's rocket. Bitcoin is rising every day and is now approaching $90,000. Since the election results were confirmed a week ago, Bitcoin has risen by $20,000 without any pullback.
As Musk is the "well-known" first contributor to Trump, Dogecoin is naturally the first to benefit from it.
In April 2019, Musk mentioned Dogecoin for the first time on Twitter, "Dogecoin might be my favorite cryptocurrency, pretty cool." At the time, the price of Dogecoin was about $0.003. He was later elected as the "Dogecoin CEO" by the Dogecoin community, and he did not refuse and changed his personal signature to Dogecoin CEO.
Will Dogecoin hit $1?
As of today, the price of Dogecoin is $0.41, and the historical record is $0.73 (May 2021). To break this record, it needs to rise by another 44%. There is still a lot of room for growth, and it will be easy to achieve new highs.
Some analysts believe that if Trump continues to involve Musk, Dogecoin could rise to $1 this month.
F2Pool co-founder Chun Wang posted on the X platform that if the price of DOGE rises to $1, he will buy a Mars exploration mission and name it "Marsrise". The mission is scheduled to launch on January 19, 2029, which happens to be the last day of Trump's possible second term.
Wang Chun previously disclosed: "Since its launch in 2013, we have mined 16.2 billion DOGE, accounting for 11% of the total number of Dogecoins in existence."
Other dog-themed meme coins rose simultaneously
Today, not only Dogecoin is rising, but other meme coins with dog concepts are also rising.
- SHIB, up 16%
- BONK, up 33%
- ELON, up 15%
- FLOKI, up 20%
- Neiro, up 23%
How long do you think it will take for Dogecoin to reach 1 U?
