Dogecoin's Incredible Rise Following Trump's Election Win and Elon Musk's Support

Dogecoin Soars After Trump's Election Victory

Dogecoin, the cryptocurrency featuring the face of Kabosu from the “doge” meme, witnessed 145% growth since the Republican candidate Donald Trump won the US Presidential Elections 2024 to become the President-elect. The cryptocurrency has gained nearly 50% in the past five days, overtaking Bitcoin and Ethereum gains, according to data compiled by the news agency Bloomberg.

Market Reactions and Expert Insights

Despite the 145% 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 largely attributed to positive sentiment in the market and strong support from figures like Elon Musk. Market analyst Edul Patel, CEO of Mudrex, noted that Musk’s recent tweet propelled Doge to form the Golden Cross, indicating a stronger rally in the days ahead. Currently, Doge faces resistance at 0.463370 while support is at 0.240350.

Crypto industry experts speculate that the upcoming Trump administration may collaborate with Elon Musk on the Department of Government Efficiency, which some humorously refer to as DOGE. Dogecoin's recent gains reflect growing optimism regarding Trump's pro-crypto stance, suggesting a potentially favorable regulatory environment.

• Other notable performers include Cronos at 185% gains, Neiro at 118% gains, Cardano at 80% gains, and Pepe at 75% gains.

Caroline Bowler, CEO of BTC Markets, explained, “A rising tide lifts all boats and the boom in Bitcoin rippled on to the alts relatively quickly.” She added, “The sector in its entirety is expected to be a net beneficiary of Trump’s administration.”