Dogecoin, the cryptocurrency featuring the face of Kabosu from the “doge” meme, witnessed 145 per cent growth since the Republican candidate Donald Trump won the US Presidential Elections 2024 to become the President-elect, eyeing to make a White House comeback, the Economic Times reported on Tuesday, November 12.
Dogecoin gained nearly 45 per cent to $0.4037 in the last 24 hours. The cryptocurrency’s recent gains overtook the crypto giant Bitcoin, which rose 30.5 per cent, and Ethereum, which gained 40 per cent over the last week, as per the report.
Despite the 145 per cent hike, Dogecoin is still trading under its all-time high of $0.7376, achieved during its 2021 peak.
The meme coin’s recent surge is due to positive sentiment in the market and strong support from popular faces like Elon Musk. According to analysts cited in the report, Musk’s public endorsements and tweets backing Dogecoin and Trump have played a critical role in driving investor interest and demand.
“It is a general tendency when Bitcoin surges, other altcoins also surge. With this phenomenon, Doge, along with other coins, has also performed well. However, Doge especially is up by 145 per cent due to Elon Musk and Donald Trump’s close association pre and post the US elections,” Edul Patel, CEO of Mudrex, was quoted as saying in the report.
Elon Musk factor boosts demand
Patel also said that the tweet of Elon Musk recently has propelled Doge to form the Golden Cross, suggesting a stronger rally in the upcoming days. “At this point, Doge faces resistance at 0.463370 while support lies at 0.240350,” he said.
Crypto industry experts believe that the gains in the market are driven due to speculation that the upcoming Trump administration may collaborate with Elon Musk on the Department of Government Efficiency, commonly referred to as DOGE.
Dogecoin’s gains reflect optimism surrounding Trump’s pro-crypto stance in hopes from investors for a more favourable regulatory environment. Along with Doge, other high scorers for the week include Cronos at 185 per cent gains, Neiro at 118 per cent gains, Cardano at 80 per cent gains and Pepe at 75 per cent gains.
