Dogecoin, a popular memecoin backed by tech billionaire Elon Musk, has seen a significant surge amidst the 2024 US Presidential election. Surging by almost 16% in the last 24 hours, DOGE has become one of the top performers of the period. While Bitcoin has reached a new all-time high of $75.3k, memecoins like Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF) have also exhibited strong performances.
As of press time, DOGE is trading at $0.1943, marking a monthly surge of nearly 80%. Investors’ increasing interest in Dogecoin is highlighted by the staggering 242% hike in its 24-hour trading volume. In addition, DOGE has surpassed XRP in market cap, becoming the 7th largest token.
Elon Musk’s Role in Dogecoin’s Rally
With many Republican candidates securing their seats in the election, former President Donald Trump is leading the rally against the Democratic candidate Kamala Harris. While many anticipates the future US crypto market secure in the hands of Trump, the digital assets are showing a positive response.
Trump Memecoins Rally Over 100% as US Election ApproachesMusk was one of the most known supporters of Trump. He is considered the largest contributors to Trump’s election campaigns. This makes analysts connect Dogecoin’s massive rally to Trump’s possible win. In September, Trump declared that he would appoint the Dogecoin proponent Musk to a government efficiency commission. Refelcting on this development, Nic Puckrin, crypto education platform, Coin Bureau’s CEO stated,
Dogecoin specifically could also be rallying on “the very real prospects that Elon Musk [a long-time Dogecoin proponent] could be appointed to head the Department of Government Efficiency in a Trump admin.
Memecoins Surge Ahead of Election Results
In addition to DOGE, other prominent memecoins like SHIB, PEPE, and WIF have also secured notable gains. Aligning with the market’s overarching positive trend, Shiba Inu has increased by 5%, while PEPE and WIF have experienced more notable gains of nearly 13%. As of press time, SHIB is trading at $0.000018, while PEPE and WIF are at $0.059272 and $2.33, respectively.
