Dogecoin surges as Musk and Trump fuel investor buzz
Dogecoin reaches 7-month high
Dogecoin (DOGE) soared on U.S. Election Day, rallying to $0.21—its highest mark in seven months, fueled by enthusiasm surrounding Elon Musk and former President Donald Trump. The popular meme coin surged by 17% over the past 24 hours, extending to a weekly gain of 14.7%.
The latest spike highlights Dogecoin’s persistent allure among retail and crypto traders, despite remaining well below its all-time high of $0.73 set in May 2021. DOGE’s rally aligned with an overall wave of optimism in the crypto sector, bolstered by Bitcoin’s (BTC) new peak above $75,000. This rise was driven by growing interest in Bitcoin ETFs and the potential for a Trump victory, which has stirred excitement for favorable cryptocurrency regulations.
Musk and Trump Stoke Dogecoin Enthusiasm
Elon Musk’s humorous posts, paired with his appearances alongside Trump, have catalyzed renewed investor attention. The two hinted at a whimsical “Department of Government Efficiency” (D.O.G.E.), which resonated among the Dogecoin community. Market analyst Josh Gilbert from eToro commented, “With Bitcoin hitting new records, the current crypto bull run appears to have staying power.” Bitcoin's strength often triggers upward movement in altcoins like DOGE, reflecting broader market optimism.
While Musk has minimized his involvement in the crypto space of late, his vocal support for Dogecoin remains influential. Trump’s favorable stance on cryptocurrencies has resonated among investors as well, with many dubbing the momentum the “Trump trade.” As investors hope for a regulatory environment more aligned with crypto growth, DOGE’s Election Day rally underscores the enduring appeal of digital assets driven by high-profile backers.
Last week, Robinhood Crypto introduced support for Dogecoin (DOGE) deposits and withdrawals, enabling users to transfer DOGE with ease. To mark the launch, Robinhood is offering a 1% bonus on DOGE deposits made via its app until November 30, aiming to draw Dogecoin fans back to the platform.
