Like Bitcoin, Dogecoin price is experiencing major bullish momentum due to Donald Trump’s virtual victory.
At the time of writing, DOGE price is trading at $0.2066, with impressive daily gains of 28%. On some exchanges it reached $0.22 and daily gains of 30%, levels that the memecoin had not seen since last July.
It should be noted that this movement follows a general trend in the entire Cryptocurrency market, where the majority of crypto assets in the top 100 are in profits.
«I don’t think they can contain it any longer. It’s time for Dogecoin to rise. DOGE is loading.
In this context, memecoin sees a big boost due to the “pro-cryptocurrency” image of Donald Trump, who not only made favorable promises for the sector, but even launched a crypto lending project called World Liberty Financial.
Elon Musk and Trump boost Dogecoin price
The reason why the price of DOGE is experiencing a huge boost is not only about Donald Trump’s (so far) apparent victory in the US elections, but it also has a lot to do with Elon Musk.
During the presidential campaign, the magnate showed strong support for the Republican candidate, even touring the United States to promote his candidacy. At several rallies, the name of DOGE was present. So investors perceive a bullish outlook for memecoin in the face of Trump’s increasingly imminent victory.
It is worth noting that, with support for Trump, Musk has gained great political influence and now Its X platform is expected to acquire financial functions, with Dogecoin as the protagonist.
Investors also hope that, with Trump’s victory in the elections, Musk will lead DOGE or the so-called Department of Government Efficiency. An idea that came from Elon Musk during the campaign and for which Trump showed sympathy.
Major memecoins are in profits
With very few exceptions, the majority of the top 100 memecoins are in profit (as ranked by CoinMarketCap). Some of them with rallies similar to DOGE, such as NEIRO with daily gains of 25% and WIF with 20%.
The second largest memecoin by capitalization, SHIB, accumulates daily gains of 10.03% and PEPE daily gains of 15.28%.
We can say that the memecoin sector has profits in double-digit percentages (mostly).
Given this rally and taking into account the volatility of the sector, it is prudent for traders to protect themselves against setbacks.
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