Home > Information news > DOGE beats Bitcoin on Election Day

DOGE beats Bitcoin on Election Day

Release: 2024/11/05 18:36 Reading: 536

Original author:Cryptopolitan_News

Original source:https://coinmarketcap.com/community/articles/6729f00e9770c51144fa09c2

DOGE beats Bitcoin on Election Day

Dogecoin Surges Amid Market Dip, Bitcoin Flounders

As major cryptocurrencies faced declines ahead of the US elections, Dogecoin (DOGE) defied the trend with a remarkable 12% jump. Bitcoin (BTC), the crypto giant, remained indecisive, fluctuating around $69,000.

Dogecoin's Meteoric Rise

Dogecoin has witnessed a meteoric 54% surge over the past 30 days, partially attributed to Elon Musk's endorsement. The proposed Department of Government Efficiency (D.O.G.E.) has fueled speculation about DOGE's role in streamlining government spending.

The current rally, which has seen a 12% gain in a single day, has reversed DOGE's recent losses and pushed it into the green on longer timeframes. It has surged by an impressive 88% year-to-date, trading at an average of $0.168 at the time of writing. Its 24-hour trading volume has also increased by 56%, reaching $3.2 billion.

Bullish Sentiment Drives DOGE

Data from Coinglass reveals that $17.31 million worth of Dogecoin bets (both long and short) have been liquidated in the past 24 hours. Notably, 57% ($9.90 million) of these liquidations were short positions. This indicates that traders anticipated a drop in DOGE's price, but bullish sentiment prevailed.

The surge in DOGE has boosted the entire meme token market, which has spiked by 5% within the last 24 hours to $57.41 billion. Its trading volume has increased by 16% to $6.75 billion.

Bitcoin Under Pressure

Bitcoin has encountered selling pressure due to the movement of $2.2 billion worth of BTC from the defunct Mt. Gox exchange. This raises concerns over creditor repayments and a potential sell-off. Moreover, Bitcoin ETFs experienced a record $579.5 million outflow on Monday, reflecting market volatility ahead of the elections.

The close race between pro-cryptocurrency candidate Donald Trump and regulatory advocate Kamala Harris has heightened uncertainty among traders. The election outcome could heavily influence Bitcoin's policy direction and subsequent price movements.

Bitcoin has declined by over 3% in the past week, down from its March all-time high of $73,700. It currently trades at an average of $68,916.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.