The Dogecoin price has experienced a massive pumprising by a whopping 25% to lead current market gains. This notable increase comes on the heels of the United States Presidential election, where many crypto analysts view a potential Donald Trump win as an incredibly bullish outcome for the Dogecoin price. Moreover, Trump has publicly endorsed a new proposal by SpaceX and Tesla CEO Elon Musk to establish the Department of Governance Efficiency (DOGE), fueling more positive market sentiment for the top meme coin.
Dogecoin Price Soars 25% In One Day
In the last 24 hours, the Dogecoin price has shocked the meme coin and broader crypto market with a considerable value surge. This top meme coin has climbed by a whopping 25% and is continuously growing.
The rapid rise in the price of Dogecoin to the $0.2 milestone aligns with the recent uptick in the crypto marketas top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also seeing a significant upsurge. A combination of investor optimism regarding the potential establishment of Musk's Department of Governance Efficiency and the US Presidential elections has led to the recent bullish sentiment and uptick in the Dogecoin price.
On November 4, the crypto market was in a holding position, with investors taking on a wait-and-see approach ahead of the US Presidential election results. With early results already coming in, many investors have already predicted that a Trump win could lead to a significant bull run for Dogecoin.
These predictions are grounded in the new crypto narrative, DOGE, spearheaded by Musk. The Dogecoin meme coin is set to gain new significance, with many in the crypto community likening Musk's DOGE acronym to reference the popular meme coin.
Given the strong influence of social sentimentt and market trends on even coins, many speculate that if Musk successfully establishes the Department Of Governance Efficiency with Trump's support, Dogecoin could become one of the official cryptocurrencies. Such a bullish move could lead to an unprecedented rally for the Dogecoin price.
What A Trump Win Means For The Dogecoin Price
Numerous crypto analysts are betting big on the probability that a Trump wins could lead to a significantly bullish outlook for the Dogecoin price. Notably, crypto analyst Shelby has disclosed on X (formerly Twitter) that DOGE has been showing strong performance and momentum recently, skyrocketing as though Trump has already won the US election.
He predicts that if Trump wins the ongoing Presidential elections, the Dogecoin price could lead the same coin market as it experiences a “parabolic rally.” Similarly, a Dogecoin supporter on X, identified as 'Dogegod,' has projected that the price of the meme coin will reach the coveted $1 mark when Trump wins the US election.
Numerous crypto community members and analysts share this bullish sentiment, citing Musk's DOGE proposal and Trump's endorsement as major catalysts for a Dogecoin bull run.
Featured image created with Dall.E, chart from Tradingview.com
