Dogecoin Price Jumps 30% in 24 Hours! Post Election Hype Sparks Fresh Crypto Buzz

Dogecoin price, the meme cryptocurrency, reportedly soared to its highest level since March this year, reaching highs of 0.21 USD, amid building interest in the U.S. election. This specific rally was going alongside social media conversations from Elon Musk and anticipation of Donald Trump’s win, helping the crypto market. Within the last 24 hours alone, the digital currency has risen by 30%, as pointed out in CoinGecko, and this will show that the community for the Shiba Inu favourite cryptocurrency is still very much alive.

Dogecoin climbs to new heights in the wake of the election.

Dogecoin’s Election Day rally was not an isolated event. During the election period, Donald Trump, for the first time, actively began to discuss cryptocurrency, which was mentioned by some as a ‘backdoor’ to promoting it, as well as Elon Musk. Elon Musk, who has previously had an impact on the Dogecoin price with explicit mentions in tweets, jokingly introduced a potential ‘Department of Government Efficiency’ or D.O.G.E. This was an allegorical nod to the brevity of ‘DOGE’ which caused keen Dogecoin investors to start buying up the token due to the signal.

At the same time, Trump has demonstrated an interest in embracing the crypto industry time and again. More recently, he pledged to foster a more welcoming climate for digital assets if he is reelected and directly addressed the U.S. crypto industry. “With Trump saying more positive things about crypto, it seems that the market is speculating that his possible presidency might lead to even more opportunities for digital currencies such as Dogecoin”, explained Gilbert from eToro in a statement.

Data from CoinGecko shows that the market cap of the Dogecoin price has, for the first time, crossed Ripple (XRP), ranking it as the 7th largest cryptocurrency. Though it remains lower than the all-time high of $0.73 that the token reached as a result of Elon Musk’s endorsement in May 2021, the price increase shows how much social media and celebrities do impact cryptocurrency.

 Musk’s Influence Still Going Strong 

It is impossible to overstate the role that Elon Musk played in helping promote Dogecoin price. Dogecoin price received its all-time high in the previous year when Musk endorsed them, and the current activities reflect its prices. Before the Election night, Musk got to different rallies and social gatherings and hinted at Dogecoin relevance on Twitter.

While Musk has been less direct with his involvement in crypto in recent months, his sarcastic remarks about the possible “D.O.G.E.” agency in charge of the world and Dogecoin price tweets continue to suggest his support of the currency. This teasing was appreciated by the community and contributed to the rally on the topic on Election Day.

From merely being a parody of Bitcoin which originated from a stray dog and was associated with meme promoters, Dogecoin price has grown significantly. While Musk revives interest in the coin, Dogecoin proves that internet trends and celebrities and still shape the cryptocurrency market.

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A Crypto-Friendly Election? 

The Election Day rally illustrates the expectation of the crypto community in favour of Trump’s win, hoping for his policies to turn around for digital currency. Trump has at times repeatedly mentioned that he wants to make the United States a competitive playing field for crypto, something that some believe is now stoking the current rally.

“Some think it is good that Trump may return to office, as he has expressed the desire to encourage the advancement of cryptocurrencies,” Gilbert added. Similar sentiment has sparked pundits to refer to the current rally as the “Trump trade,” implying that optimism for the currency is based on the possibility of pro-BTC policies in case Trump gets elected.

Other virtual currencies were also in the green, with BTC reaching its fresh all-time high of $74,504 due to the optimism around Bitcoin ETFs. Additionally, this bullish situation also helped Dogecoin as it is one of the altcoins in the market, which usually gains when Bitcoin does.

Future Expectations of Dogecoin Price

Election Day boosts Dogecoin investors by shortening its history, yet it is prone to fluctuating prices. Experts, though, warn that they are essentially investing in very risky and relatively illiquid assets, comparable to meme stocks such as GameStop and AMC Entertainment, where the price is influenced by social media posts or tweets by notable personalities. But for now, its price remains a long way off its all-time high; nevertheless, the rally on Election Day was quite impressive and can be attributed to the insistence of many DOGE fans and support from personalities such as Elon Musk.

With Election Day hysteria fading, it is unclear if the newly attained levels can be maintained by Dogecoin. However, the development of crypto-friendly policies means that increased attention in the future and, again, parts that may become favourable after the election, could potentially benefit DOGE.

Conclusion on Dogecoin Price

Dogecoin is evident proof of social media, celebrity endorsement and base name relief anticipation that comes with US elections. Due to Elon Musk’s humorous comments on the site and Donald Trump supporting the sector, the meme currency hit a high that Dogecoin had not seen in seven months. The perceived market performance and the sentiments expressed by individuals who support Trump imply that the meme coins are relevant and have the capacity in the future when the regulatory measures change. Keep following TheBITJournal and keep an eye on Dogecoin’s price.

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