Not Bitcoin, but Dogecoin (DOGE) Price is Pumping Ahead of the US Elections – Here’s Why

Dogecoin Surges Ahead of US Elections, Outperforming Bitcoin

As the highly anticipated US elections approach, the cryptocurrency market has been abuzz with speculation about the potential impact on major digital assets like Bitcoin. However, a surprising trend has emerged, with meme coins such as Dogecoin (DOGE) outperforming their more established counterpart.

DOGE's Momentum Ahead of Elections

In the days leading up to the election, BTC's price has remained largely steady, losing approximately 3% of its value over the past week. In contrast, DOGE has experienced a significant pump of over 10% on election day, making it one of the top-performing altcoins globally.

Reasons for Meme Coin Outperformance

Crypto analyst Miles Deutscher shared his insights with his followers, explaining why meme coins could benefit regardless of the election outcome. He suggests that if Donald Trump wins, DOGE could gain momentum due to the "D.O.G.E" initiative. As the leading meme coin, Dogecoin's potential rally could ignite broader interest in the entire meme sector.

In the event of a Kamala Harris victory, Deutscher believes investors may shift towards meme coins as a response to potential regulatory concerns around utility tokens. This could push investments away from sectors like DeFi and towards more speculative alternatives like DOGE.

Meme Coins' Stability and Hedge Potential

Throughout the year, meme coins have consistently demonstrated stability compared to many other altcoins. This perception has been gaining traction among retail investors, potentially positioning meme coins as a hedge against regulatory uncertainty.

Investing in Meme Coins

While pre-positioning in meme coins may be a viable strategy given recent market drawdowns, Deutscher suggests the best opportunities may arise during or after election-related market volatility.