Dogecoin (DOGE-USD) shot up by a staggering 15% in the past 24 hours, following former President Donald Trump’s recent win for a second term in the U.S., according to Fox News. The meme token has continued its bullish streak, gaining over 65% in the last 30 days, making it the top performer among major cryptocurrencies. This surge, fueled by Elon Musk’s continued support and his recent push for a “Department of Government Efficiency” (D.O.G.E), has traders excited. Musk’s proposed agency aims to make government spending more transparent, a nod that has resonated with the Dogecoin community and seems to have caught fire across crypto markets.
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Trump Win and Musk’s Support Create “Elon Effect”
Musk’s endorsement of Trump — and his push for the D.O.G.E initiative — are seen as major factors behind Dogecoin’s recent price jump. Known trader “unipcs” told CoinDesk that “the ‘Elon factor’ is not yet priced in for DOGE” and expects more gains ahead as the media focuses on Musk’s vocal backing of Trump. Betting markets reflected Trump’s rising odds even before his win was announced, and as a result, not only did Dogecoin gain, but other major cryptos like Bitcoin (BTC-USD) also saw boosts.
Memecoins Flourish with Bullish Sentiment
As Dogecoin surged, other dog-themed tokens, such as Shiba Inu (SHIB) and Floki (FLOKI), followed with notable gains, rising over 10% each. The D.O.G.E parody token on Ethereum saw an even bigger jump, skyrocketing by 77% in the last day and up 500% since CoinDesk flagged it as a rising memecoin. Bullish momentum appears to be growing for the sector, with futures tracking DOGE showing over $30 million in short liquidations, signaling an unexpectedly high level of demand.
At the time of writing, Dogecoin is sitting at $0.1965.
