YEREVAN (CoinChapter.com) — Dogecoin rose 8.09% today, reaching $0.17. Dogecoin’s price rise aligns with U.S. election day polling data, showing Trump narrowly leading Harris in key swing states and Elon Musk’s recent mention of “D.O.G.E.” on the Joe Rogan podcast.
Dogecoin Price Surge. Source: CoinMarketCap
Trump holds slight leads in Georgia, North Carolina, and Arizona, while Harris has marginal advantages in Pennsylvania, Michigan, and Wisconsin. Nationally, Harris has a narrow lead, but FiveThirtyEight’s model gives Trump a 52% chance of winning.
Harris Holds Narrow Lead Over Trump in National Polls. Source: FiveThirtyEight Dogecoin Leads Meme Coin Performance
Dogecoin has seen a notable rise over the past 14 days, gaining momentum after Donald Trump’s event at Madison Square Garden on October 27, where he received public support from Elon Musk. Musk proposed that “D.O.G.E.” could save American taxpayers $2 trillion, further increasing interest in Dogecoin.
Republican presidential nominee and former U.S. President Donald Trump speaks during a campaign rally at Madison Square Garden, in New York, U.S., October 27, 2024
Dogecoin (DOGE) has climbed 20.77%, standing out among major tokens. In contrast, other meme coins have declined: Shiba Inu (SHIB) dropped 4.91%, Pepe (PEPE) fell 8.77%, Bonk (BONK) decreased 10.50%, and WiFi (WIF) slid 13.70%.
DOGE Leads Meme Coin Performance. Source: TradingView Elon Musk Proposes “D.O.G.E.” to Cut Government Spending if Trump Wins
Elon Musk’s recent comments on Joe Rogan’s podcast could also be a reason for Dogecoin’s surge. Musk spoke about creating a Department of Government Efficiency (D.O.G.E.) if Donald Trump wins the U.S. presidential election. He explained that this division would address issues within “the massive federal bureaucracy” and aim to reduce government spending, which he noted has increased in recent years.
“Our interest payments on national debt now exceed the Defense Department budget. America is on the path to bankruptcy,”
Musk said.
Analysts Signal Potential Bullish Breakout for Dogecoin
Crypto analyst Mikybull highlights that DOGE is nearing its first “golden cross” since late 2020, a potential bullish signal. A golden cross happens when a short-term average moves above a long-term average, usually signaling the start of an upward trend.
Dogecoin’s Impending Golden Cross. Source: X
Analyst Crypto Zeinab suggests Dogecoin might do well if Trump wins the election. She notes that DOGE is holding steady around the $0.170 resistance level. If it breaks through this point, she predicts the coin could see a strong upward move.
DOGE Prediction by Crypto Zeinab. Source: X Metrics Driving Dogecoin’s Performance: TVL and Liquidations
Dogecoin’s upward movement also aligns with metrics like Total Value Locked (TVL) and liquidation activity. Since October, Dogecoin’s TVL has increased by 22%, rising from $4.01 million to $4.91 million, indicating heightened investor interest. This rise in TVL shows that more traders are holding DOGE in anticipation of further price movements.
Liquidation data offers more insights, revealing a change in trading behavior. More short contracts are being closed, signaling a bullish trend as investors bet on Dogecoin’s potential to keep rising.
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