The crypto world has been buzzing recently, especially around Dogecoin (DOGE). The price of DOGE saw a significant jump, thanks to a well-timed mention by Elon Musk during a campaign event supporting Donald Trump. Letâs dive into why DOGE has been on fire lately and how the U.S. election and Muskâs influence are shaking up the crypto market.
DOGE Shoots Up Following Muskâs Comment
Dogecoin has always been tied to Elon Musk. Whenever the âDogefatherâ speaks, DOGE reacts. This time, during a Pennsylvania town hall event in support of Donald Trump, Musk casually mentioned the idea of a new government department. He called it the âDepartment of Government Efficiencyâ or D.O.G.E. The crypto community didnât miss the connection, and DOGE surged 7% in no time, reaching over 13 cents for the first time since July.
This isnât just a random spike. The price rise follows Muskâs continuous influence on the market, especially for meme coins like Dogecoin. With Musk backing a Trump victory, traders are now speculating that DOGE could play a bigger role in the crypto market if Trump wins the election.
U.S. Election Could Fuel DOGEâs Future
The U.S. election is adding extra fuel to Dogecoinâs recent rise. Muskâs involvement in Trumpâs campaign and his idea for a department named D.O.G.E has caused excitement among crypto traders. They believe that if Trump wins, there could be more discussions around Dogecoin, leading to more price increases.
Historically, Dogecoin has responded to any mention or promotion by Elon Musk. His tweet saying âD.O.G.E will fix itâ has already sparked renewed interest in Dogecoin. Many traders think that if Musk continues to push this idea during the election campaign, DOGE could soar even higher.
PURE FIRE FROM ELON MUSK đ„
âWe want secure borders, we want safe cities.. sensible spending. We want freedom of speech. We want the constitution to be upheld.â
âAnyone who is against those things is fundamentally anti-American and to hell with them!â pic.twitter.com/5WoWnZRJBg
â Benny Johnson (@bennyjohnson) October 17, 2024
Dogecoin Gains Traction in the Crypto Market
In the last 24 hours, Dogecoin has outperformed big rivals like Bitcoin and Ether. While Bitcoin only saw a 1% rise, DOGE climbed nearly 8.5%, marking its highest level in three months. Muskâs endorsement and DOGEâs recent breakout from its technical pattern have fueled this rally.
Crypto traders are currently eyeing a possible continuation of DOGEâs uptrend. The falling wedge pattern, which traditionally indicates a bullish breakout, is pointing to even higher prices for DOGE in the near future. Some analysts are predicting that the price could reach 19 cents by the end of 2024. However, DOGEâs recent sharp rise has triggered overbought conditions, which could slow down its momentum temporarily.
Muskâs Influence Continues to Drive DOGE
Elon Musk has been a long-time supporter of Dogecoin, and his influence on DOGEâs price is undeniable. Just by mentioning DOGE, Musk has managed to spike interest and push its price higher. In the past, Muskâs tweets helped DOGE rally by over 64,000%. Itâs no wonder that Dogecoin holders are paying close attention to Muskâs every word, especially as the U.S. election draws near.
Even though DOGE might face short-term price corrections, itâs clear that Muskâs influence and the potential political implications of his support for Trump could continue to drive the price of DOGE up in the coming months.
DOGEâs Future Tied to Musk and U.S. Election
The recent surge in DOGEâs price is a reminder of how much influence Elon Musk has over the crypto market. His comments about D.O.G.E during a campaign event have traders excited about the future. As the U.S. election approaches, itâs possible that DOGE could see even bigger price movements, especially if Musk continues to promote the idea of a âDepartment of Government Efficiency.â
With the combination of Muskâs power, Trumpâs election campaign, and the ever-volatile crypto market, DOGE might just be getting started. Keep an eye on DOGEâitâs been a major player in the meme coin world for years, and its story is still evolving with Muskâs continued influence.
