!! Important Notice !! Important Notice
!! Can Dogecoin reach $1 !!
With the upcoming U.S. presidential election, DOGE has become the best-performing currency in the cryptocurrency market, and the election is just hours away, with DOGE mentioned in Musk's podcast.
Since yesterday, DOGE has risen by 14% in the last 24 hours. Compared to other cryptocurrencies, Dogecoin's performance is commendable, now reaching $0.17.
DOGE is known as a community-driven, highly volatile meme coin, benefiting from renewed attention from speculators who believe that a Trump victory could be favorable for cryptocurrencies. Musk's public support for Trump has amplified this speculative interest, including the proposal to establish a "Department of Government Efficiency" (DOGE) to reduce government waste—this concept happens to share its initials with Dogecoin's stock code "DOGE."
Since Trump held a rally at Madison Square Garden on October 27, Dogecoin has outperformed its top memecoin competitors, with Musk promising at the rally that his DOGE plan would save American taxpayers $2 trillion.
Musk specifically recommends Dogecoin over other memecoins, which could lead traders to shift funds from lesser-known tokens to Dogecoin. For example, after Musk mentioned Dogecoin on the Joe Rogan podcast, today's gains for Dogecoin have further expanded.
These are various reasons for Dogecoin's rise; in capital markets, any cryptocurrency's rise is aimed at cashing out, all for profit. Dogecoin has now entered a high-emotion phase and is not far from an exit.
Currently, DOGE is near its previous highs, so caution is advised for those looking to enter. After the election, it will be time to consider short positions; do not be swayed by euphoric sentiments. The probability of Dogecoin rising to $1 is only 1%, and this time it is even less likely, with the most optimistic expectation being a rise to $0.2.
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