Despite its historical association with Elon Musk, who was previously a significant force behind the memecoin's market fluctuations, Dogecoin's price has been pretty stable recently. The fact that The Dogefather hasn't been able to lead any significant rallies suggests that the cryptocurrency market may have developed past the level of celebrity endorsements. But now that Musk has openly backed Donald Trump and made fun of the acronym D.O.G.E. in his political quips, the cryptocurrency community might want to pay attention to the next election.

Investors in Dogecoin may be wondering what would happen if Trump loses the 2024 election when he runs against Vice President Kamala Harris. After all, the former president, who has positioned himself as a supporter of cryptocurrencies, has the power to influence the laws governing virtual currencies like Dogecoin.

Given this dynamic, let's investigate the potential effects of a Trump defeat on Dogecoin.

It's interesting to examine Elon Musk and Donald Trump's connection, particularly in light of cryptocurrency. Trump, who was an ardent opponent of cryptocurrencies during his first term, took a major turn in the run-up to the 2024 election and emerged as one of the first contenders who was supportive of them.

Furthermore, Trump positioned himself as the first "crypto president," announcing that he was pro-Bitcoin and even incorporating cryptocurrency donations into his campaign.

In the event that Donald Trump loses the 2024 election, Dogecoin will probably suffer. Trump has publicly supported legislation that would be beneficial to digital assets and has positioned himself as the candidate who is pro-crypto.

The loss of the previous US president would probably raise concerns about regulations once again, particularly under the Harris administration, which might not be as supportive of cryptocurrency. Furthermore, Gary Gensler would probably breathe a sigh of relief if Trump lost.

Furthermore, any pro-crypto momentum may be stifled by the change in governmental power, which would be detrimental to Dogecoin and other digital assets.

Elon Musk's political position might be weakened by a Trump defeat as well. Musk sided with Trump's beliefs and came up with the somewhat unoriginal nickname "Department of Government Efficiency" (D.O.G.E.). If Trump loses, Musk's influence over crypto legislation would decrease, which might negatively affect the attitude of the Dogecoin market.

Furthermore, it appears that the memecoin is become less susceptible to hype, as seen by the market's recent lack of reaction to Musk's Dogecoin-related shenanigans.

But if political winds pick up, there's a chance that Dogecoin volatility may flare up again, particularly if regulatory pressure builds. Dogecoin's future may depend on whether the cryptocurrency market keeps developing on the basis of usefulness rather than excitement or whether it once again opens itself up to outside political influences.

The descending triangle is seen by analysts as a negative continuation pattern. A flat lower trendline acts as steady but deteriorating support, while a dropping upper trendline compresses price movement into lower highs in this arrangement.

The pattern indicates increasing selling pressure, which leads to more feeble rallies that find it difficult to break through resistance.

By determining the triangle's greatest height, traders in this configuration assess the possible downside. The price of Pepe currency just broke out of its falling triangle, but bulls were able to pull it back inside the pattern.

However, the price of DOGE might drop by around 61% and reach a target close to $0.04 if the DOGE USD pair validates the bearish pattern.

Given the state of the market, a breakthrough below the pattern would damage DOGE values and perhaps lead to losses for the trading pair.

$DOGE

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New York: Former US President Donald Trump on Thursday pledged that, if elected in the US Presidential Election 2024, will set up a new task force that aims to conduct a complete financial and performance audit of the entire federal government and make recommendations for drastic reforms. “Tesla CEO Elon Musk has agreed to head that task force”, said Trump, in a video posted by the CSpan news network on its X platform. 

“To stop this onslaught at lower prices, I’m pledging today that in my second term we will eliminate a minimum of ten old regulations. For everyone, with new regulations, we’ll be able to do that quite easily. Actually, and instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and bitcoin.” Trump said on Thursday while addressing the Economic Club of New York.

“At the suggestion of Elon Musk, who has given me his complete and total endorsement, that’s a nice smart guy. He knows what he’s doing. Very much appreciated. I will create a Government Efficiency Commission task with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms we need to do. It can’t go on the way we are now. And Elon, because he’s not very busy, has agreed to head that task force, be interesting if he has the time, be good one to do it, but he’s agreed,” Trump added.
He stressed that improper and fraudulent payments cost taxpayers an estimated hundreds of billions of dollars in 2022. He also announced that the commission will create an action plan to eliminate payments within months and added that it will save trillions of dollars, according to a video posted by CSpan on X.

Trump said, “In 2022, fraud and improper payments alone cost taxpayers an estimated hundreds of billions of dollars. As the first order of business, this commission will develop an action plan to totally eliminate fraud and improper payments within six months. This will save trillions of dollars trillions. It’s massive for the same service that you have right now, trillions of dollars is wasted and gone, and nobody knows where it went further, taming inaction and bringing prices way down.”
The Republican candidate also pledged to make Trump tax cuts permanent and announced that there will be no tax on tips. He even alleged US Vice President Kamala Harris to copy his plans and announced to impose no tax on tips. He stated that she will stick to her plan and will not move ahead. 
He further added, “The 5th pillar of my plan is to make the Trump tax cuts permanent. They are massive tax cuts, biggest ever permanent and to cut tax even more, and we will have no tax on tips, something which they copied four weeks after I said it. She got upset and said no tax on tips. I said I just said that she is actually copying a lot of my plans. In fact, we’re going to send her a MAGA sometime in the next week….But we also know she doesn’t mean it. She’s going to stick with what has been about and also no tax on Social security benefits.”
Donald Trump also pledged to save social security. He promised that he will not impose tax on the benefits of people in social security, stressing that they have been wiped out by the inflation.  Trump stated, “People in social security have been wiped out by inflation and now on top of it, we tax their benefits. We’re not going to tax their benefits. We have so many different ways of making so much money. This country, the potential is so incredible. We don’t have to take it away from people on social security. We’re not going to do that. We’re going to save social security. She’s going to destroy Social Security.”
According to the video posted by CSpan on X, Trump said that his administration has proved that targeted tax cuts do not increase the deficit but it reduces the deficit by growing the economy and raising revenue. 
He further added, “After we gave the massive tax cuts, we took in the following year with a much lower rate. Billions and billions of dollars more than we did the previous year with a high rate, think of that. So, with a much lower rate, we took in more money because people were incentivised.”
He vowed that he will work to reduce the corporate tax rate from 21 percent to 15 percent for the companies that make their product in the US. 
“Corporate tax revenues are 31 per cent higher today than before, my tax law was signed with all of those cuts 31 percent higher. To further support the revival of American manufacturing, my plan calls for expanded R&D tax credits, 100 percent bonus depreciation, expensing for no manufacturing investments, and a reduction in corporate tax rate from 21 percent to 15 per cent solely for companies that make their product in America,” he added.
Taking on X, Elon Musk welcomed Trump’s decision stating “This is badly needed.”