Dogecoin Rallies as Elon Musk and Trump Spark New Wave of Investor Excitement

Dogecoin (DOGE) saw a strong rally on U.S. Election Day, jumping to $0.21 - its highest point in seven months.

This surge came after days of buzz sparked by Elon Musk’s humorous tweets and appearances with former President Donald Trump. DOGE climbed 15% in the past 24 hours and is up 13.5% over the last week.

Though still far from its record high of $0.73 in May 2021, DOGE’s Election Day gains show the meme coin’s enduring popularity. The rally also coincided with a wider sense of optimism in the crypto world, with Bitcoin (BTC) hitting a new high of over $75,000, thanks to growing demand for Bitcoin ETFs and excitement around a possible Trump win.

Market analyst Josh Gilbert from eToro observed, “With Bitcoin reaching record levels, this bull run still appears to have momentum.” Rising BTC prices often drive altcoins like DOGE higher, reflecting broader market enthusiasm.

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Ahead of the election, Musk and Trump hinted at the idea of a “Department of Government Efficiency” (D.O.G.E.), fueling excitement among Dogecoin enthusiasts. Musk’s playful social media engagement and Trump’s crypto-friendly stance led to a surge in DOGE, up 84% over the past month.

Trump’s pro-crypto outlook has resonated with investors, who expect favorable regulations under his potential leadership, dubbing this optimism the “Trump trade.” While Musk has played down his role in crypto recently, his support for Dogecoin remains clear, drawing on his history of pushing the meme coin to new highs.

Kosta Gushterov