The largest memecoin, Dogecoin, along with other memecoins, has surged thanks to support from Elon Musk. In the past 24 hours, DOGE has increased more than 25% in value, reaching a gain of over 65% in the past 30 days, making it one of the highest-gaining altcoins in the market. Musk has continued to support Dogecoin since 2021 and recently proposed the establishment of a "Government Efficiency Department" (DOGE) in the U.S. administration, aimed at making government spending and financial planning more efficient. This proposal has garnered more attention after Republican candidate Donald Trump was re-elected president.
Trump's victory boosts the rise of DOGE.
According to Fox News, the results announced earlier in Europe confirmed that Donald Trump has reclaimed the presidency of the United States. Trump's victory in the election positively impacted the cryptocurrency market, pushing Dogecoin up alongside Bitcoin and other altcoins.
In the past 24 hours, over $30 million worth of short positions have been liquidated in Dogecoin futures. This indicates that investors are closing losing positions, thereby supporting the price increase.
Open interest in Dogecoin futures has increased from 7 billion coins on Monday to 8.3 billion coins today. This rise in open interest reflects rapidly increasing demand for Dogecoin and expectations that the price will continue to rise.
Other memecoins are also seeing profits.
Musk's support not only affects DOGE but also impacts Ethereum. This memecoin has increased by 77% in the past 24 hours and has risen over 500% since it was first noted. The optimistic sentiment surrounding Dogecoin has also benefited other dog-themed memecoins, with Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) increasing by more than 10%.
Crypto analyst unipcs notes that Musk's support for Trump and the story surrounding the 'Government Efficiency Department' played a crucial role in Trump's victory. They believe that DOGE and Ethereum-based DOGE coins will reach higher values in the future. The analyst states, "The Musk effect has not yet been priced in for DOGE," indicating that media attention is rising and the value of DOGE continues to be highly regarded.
