Dogecoin (DOGE), the famous meme crypto, has seen a remarkable growth in recent weeks. With Elon Musk and the American elections at play, its future seems increasingly tied to politics.
Let’s see all the details in this article.
Dogecoin shows significant growth: +144% for the crypto DOGE since October 2023
Dogecoin (DOGE), the crypto born as a meme, continues to surprise investors with a growth that shows no signs of stopping.
Currently, in fact, DOGE is the second cryptocurrency with the best weekly performance among the top one hundred projects by market capitalization.
In recent days, the currency has recorded a rally of 2.9% in 24 hours, 32.6% on a weekly basis, 27.3% in the 14-day charts, and 38.4% in the last month. Since the beginning of October 2023, Dogecoin has thus reached an impressive +144%.
The cryptocurrency market, in general, seems to have started a rebound after the decline recorded at the beginning of the month. Even Bitcoin (BTC) is approaching the threshold of $70,000, showing signs of recovery and contributing to a positive outlook for the sector.
Many other digital assets are following the bull trend, in line with what investors consider a “historically positive October” for the crypto market.
Elon Musk and the role of Donald Trump
However, Dogecoin does not owe its success solely to market dynamics. A determining factor for the recent rally could indeed be linked to the figure of Elon Musk, as has happened other times in the past with this crypto.
The billionaire entrepreneur, a well-known supporter of Dogecoin, recently attended a rally in support of Donald Trump in his run for the presidency of the United States.
Musk has declared the intention to open a “Department of Government Efficiency” (DOGE), a play on words that has further fueled the interest of investors.
According to many analysts, the possibility of a Trump victory in the 2024 presidential elections could give a further boost to Dogecoin.
Musk is indeed considered one of the main supporters of Trump, and investors might see in his victory an opportunity to ride a new bull wave of the cryptocurrency.
The connection between crypto and politics
Despite the optimism linked to politics, some experts remain cautious.
The CoinCodex platform predicts that the Dogecoin rally could slow down in the coming days, with a correction that could bring the price down to $0.123 by October 31, 2024, an estimated loss of 16.89% compared to current levels.
An even more pessimistic forecast comes from the analysts at Changelly, who predict that DOGE could drop to $0.104, with a decline of 29.7%.
Despite these bear forecasts, Dogecoin could benefit from the positive sentiment surrounding the U.S. elections.
If Trump manages to gain momentum in the presidential race, it is likely that investors will start positioning themselves in anticipation of a further bull run of DOGE.
In an increasingly intertwined landscape between politics and cryptocurrencies, the future of Dogecoin might depend not only on market dynamics, but also on the events that will unfold at the polls.
As the 2024 United States presidential elections approach, the performance of Dogecoin will be closely monitored by investors from all over the world.
If recent history has taught us anything, it is that the crypto meme DOGE should never be underestimated, especially when influential figures like Elon Musk are involved.
Will Dogecoin be able to maintain its bull run? Only time will tell, but one thing is certain: the connection between politics and cryptocurrencies seems destined to become increasingly stronger.
