As of the time of writing, cryptocurrency traders' favorite memecoin, Dogecoin (DOGE), has risen by 11.01% in the past 24 hours, coinciding with Donald Trump's strong momentum in the U.S. presidential election.

DOGE is trading at $0.1679, with a market cap of over $24 billion and a 24-hour trading volume of $2.97 billion, surging by 45.43%.

This is noteworthy as the performance of top cryptocurrencies like BTC and ETH is not entirely the same. They are either down or experiencing slight increases.

The reason for the rise in DOGE's price is Donald Trump's strong momentum in the U.S. presidential election. His positions on key issues such as immigration and tax cuts have been beneficial against Kamala Harris's vague statements, which largely criticized him without offering many alternatives. A large turnout of Republicans during the early voting phase has also favored Trump, which indirectly benefits DOGE.

One of the biggest factors behind Dogecoin's victory is undoubtedly the hints and playful support from 'Dogecoin Father' Elon Musk, who promised to establish a Department of Government Efficiency (DOGE) if Trump wins.

The movement of Dogecoin in the past 24 hours has been very dramatic as expected. It started fluctuating around $0.15, peaked at $0.1563, and then dropped to $0.1512. The price range is manageable, so investors have maintained their positions. If they choose to hold for a while longer, a rise to $0.167 is a well-deserved return. Investors are likely to observe how sentiment evolves after November 5, 2024.

The short-term forecast is unfavorable for DOGE. The price is expected to reach $0.160401 in the next 5 days, then drop to $0.14133, which roughly corresponds to a decline of 13.12% on a monthly basis.

Considering the current bullish phase, with an FGI of 69 points, this can be understood as a natural trend. Trading is also generally at a higher level compared to the 50-day SMA of $0.123836 and the 200-day SMA of $0.128977. The volatility is concerning, currently around 15.03%. This means that if the same price dominance continues, future price movements could be rapid.

Dogecoin has risen by 1.65% in the past 7 days. The trading in recent days has been on a downward trend. Therefore, this increase is noteworthy, based on a 53.52% rise in the past 30 days.

Cryptocurrency enthusiast Dan Gambardello pointed out that DOGE had a market cap of $350 million on the election day in 2020. Subsequently, its value increased by over 20,000%.

Community members are optimistic about this prediction, stating that it is one of the few tokens that has achieved organic growth without factors like presale market makers.

All eyes are on DOGE, as it has widened the gap with Shiba Inu in terms of market capitalization and further solidified the impact of the U.S. presidential election.

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