After the outstanding performance of DOGE by surging 145%, it is still not able to cross its all-time high of $0.7376.
The growth of Dogecoin also shows the confidence in the pro-crypto stand of Donald Trump that he will make a more favorable environment for the crypto industry.
Some analysts from the country have a strong belief that the gains in the market are the result of the rumors that say that after Trump overtakes the government, he may partner with Elon Musk on the Department of Government Efficiency.
On November 12, the largest memecoin Dogecoin (DOGE) is 145% up following the win of a crypto-friendly leader from the United States, Donald Trump. The growth came while everyone was eagerly waiting for the candidate to make a re-entry into the White House.
Bloomberg, an American privately held media company has released a report in which it has stated that, “Taking the data of the past five days, the memecoin has gained over 50%, outstripping the gains of the largest cryptocurrencies, Bitcoin and Ethereum.”
After its outstanding performance of growing by 145%, it is still not able to cross its all-time high of $0.7376, which was so far attained in 2021. This growth is the result of the latest positive sentiment in the market and also it has gained immense support from market giants such as Elon Musk.
Elon Musk’s role in the surge
Bloomberg further notes in its analysis that, the promotions done by Elon Musk by continuously supporting Dogecoin and Trump through its tweets have a great role in directing several investors to invest in the token.
The chief executive officer of Mudrex, the all-in-one platform for crypto investments, Edul Patel has commented on the matter that the latest tweet by Elon Musk has pushed the largest memecoin to make the Golden Cross. He has also suggested that a stronger rally is about to come in the near future.
He further went on to say, “At the current moment, Doge has faced resistance at 0.463370 and at the same time the support is placed at 0.240350. Some analysts from the country have a strong belief that the gains in the market are the result of the rumors that say that after Trump overtakes the government, he may partner with Elon Musk on the Department of Government Efficiency. This department will also be abbreviated as “DOGE.”
What does the CEO say?
The growth of Dogecoin also shows the confidence in the pro-crypto stand of Donald Trump that he will make a more favorable environment for the crypto industry. Not only Dogecoin (DOGE), but other tokens have also performed well in the last week.
Some of the tokens include Cronos, Neiro, Cardano, and Pepe, which have shown a significant gain of 185%, 118%, 80%, and 75% respectively.
The CEO of BTC Markets, Caroline Bowler has commented that an increasing tide uplifts all the boats, and the significant gain in the largest cryptocurrency, Bitcoin splashed onto the alts comparatively more quickly.
