With the U.S. elections approaching, Dogecoin ( $DOGE ) is experiencing renewed momentum, with price increases drawing interest from the crypto community. Supported by a dedicated user base and greater mainstream adoption, Dogecoin could benefit from the increased attention and potential policy shifts driven by election outcomes.
Recent DOGE Price Surge
Dogecoin has recently surged by 10.9%, positioning it as one of the best-performing cryptocurrencies among the top 100 by market capitalization. Currently trading at $0.1676, this increase is partially attributed to the anticipation around the U.S. elections, set to begin in a few hours. Speculation suggests that a Trump victory could positively impact the cryptocurrency market, particularly benefiting DOGE due to its association with Elon Musk, who has recently been at the forefront of discussions related to the election.
Why DOGE Holds Unique Potential Amid U.S. Election Season
The U.S. elections could provide Dogecoin with an opportunity to expand beyond its "meme coin" origins. A notable proposal circulating is the idea of establishing a Department of Government Efficiency, humorously nicknamed "DOGE." This concept, attributed to the hypothetical collaboration between Elon Musk and Donald Trump, suggests a federal agency aimed at optimizing government operations and enhancing transparency. Trump has indicated that if he wins, he would consider appointing Musk to lead a committee responsible for planning this department. While speculative, such proposals could strengthen Dogecoin’s image and add a degree of legitimacy, potentially paving the way for the approval of a Dogecoin ETF.
Additionally, election prediction markets such as Polymarket currently show Trump leading Kamala Harris with a 60.5% to 39.6% advantage. This result has further amplified the bullish outlook surrounding Dogecoin in the near term.
DOGE Price Forecast: What Lies Ahead if Trump Wins?
If Trump wins, cryptocurrency enthusiasts and analysts predict that DOGE could occupy a favorable position for growth within this market cycle. With a market capitalization currently at $22.27 billion, Dogecoin ranks as the 8th largest cryptocurrency. The meme coin narrative appears to be regaining traction, and according to cryptocurrency analyst Master Kenobi, Dogecoin's market cap could potentially reach between $250 and $300 billion in the event of a bull market. Such growth could push Dogecoin’s price up to between $1.70 and $2.04 by the end of this cycle.
Next Steps for Dogecoin Leading Up to the Election
Dogecoin's price is currently at a critical resistance level. Based on the monthly chart, there are 25 days remaining in this trading cycle. If Dogecoin closes the November candle above this resistance level, it could set the stage for further gains, with targets in the $0.21 to $0.28 range. However, strong support remains established around $0.05—a level that has held for years. Should the price fall below this support, the outlook for Dogecoin would become bearish, potentially dropping to $0.002.
As the election approaches, Dogecoin’s trajectory remains uncertain, yet favorable factors including political dynamics, prominent endorsements, and strong community support suggest that DOGE could play a significant role in the evolving landscape of cryptocurrency.
