The price of Dogecoin (DOGE) rose more than 15% and leads the weekly rise of the Cryptocurrency market. The price of the memecoin, which pays tribute to a viral Internet dog, was boosted by the performance of Bitcoin (BTC) and statements by Tesla CEO Elon Musk.
As CriptoNoticias has explained, The employer has a direct relationship with dogecointhe largest memecoin on the market. Since April 1, 2019, Musk jokes with the Shiba Inu dog community, after the April Fool’s Day holiday was proclaimed as DOGE CEO.
For that reason, defying any financial logic, Every time Musk says something about dogecoin, its price responds.
One of the last times the Tesla CEO spoke about DOGE was on October 17, at a Donald Trump presidential campaign rally in Pennsylvania. In this context, an assistant asked Musk if he would lead the hypothetical “Department of Government Efficiency”, whose acronym in English forms DOGE.
Quickly, The businessman responded: “Yes, DOGE”, which generated an upward momentum in its price.
Another issue to take into account is the performance that it had bitcoin in the last few days. This is a key factor since every time the currency created by Satoshi Nakamoto It rises in price, expands the digital asset market and awakens investors’ appetite for risk, which motivates demand, in this case, for DOGE.
Thus, the price of dogecoin went from 0.1388 dollars to 0.1774 dollars, which represents a monthly increase of more than 50%. At the time of publishing this note, the price is $0.1612.
DOGE quote from January to November 1, 2024. Source: TradingView.
It should be noted that the memecoins They are digital assets inspired by pets, famous people or political figures. They do not solve any problem and are mostly used for financial speculation.
That’s why its price can go up or down in a matter of secondswithout a reason to justify those movements.
Bullish sentiment for DOGE
For Mike Faycryptocurrency market analyst, There are signs to believe that the price of DOGE will continue to rise. “This dog wants to run,” he indicated in the report he shared last weekend.
In that sense, he highlighted that active addresses have begun to rise, which predicts an increase in the price of the digital asset. “Daily active addresses are important because they show the closest we are to users.”
While it is true that each investor can have more than one address, it is an indicator of the activity of a cryptocurrency in the market.
For its part, it should be noted that we are getting closer to the upcoming presidential elections in the United Stateswhich will take place on November 5, and the market is closely following how events develop.
As CriptoNoticias has reported, both the Republican candidate, Donald Trump, and his Democratic Party counterpart, Kamala Harris, mentioned cryptocurrencies throughout their campaign and they promised friendly regulation to promote the growth of the sector.
However, The market seems to be leaning towards a triumph of the former president of the United States.
According to Polymarketa betting platform with cryptocurrenciesTrump has a light advantage over Harris less than a week before the electoral contest.
Investors are watching closely to see how the story unfolds should the Republican leader be re-elected as president of the major financial power.
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