Dogecoin Rallies as Trump Proposes Cabinet Role for Elon Musk

Dogecoin Soars as Trump Offers Musk Cabinet Role

The U.S. presidential campaign has captivating implications for global markets. With President Biden stepping down, Vice President Kamala Harris now faces a strong challenge from Donald Trump. Cryptocurrency has surprisingly become a focal point in the race.

Trump's Offer to Musk

In a dramatic twist, Elon Musk, CEO of Tesla and a Trump supporter, has been offered a cabinet or advisory role by Trump if he's elected. The Dogecoin community playfully suggested Musk head the "Department Of Government Efficiency (DOGE)." Musk embraced the humor, sharing an image of himself as a politician with that title.

Dogecoin's Reaction

This playful interaction has fueled a surge in Dogecoin (DOGE), increasing by 6% in 24 hours and 43% in trading volume. However, DOGE has experienced a 17.16% decline over 30 days.

Polymarket Traders Track Harris's Odds

Polymarket traders have been actively monitoring the 2024 U.S. election. Shares representing Harris's chances of winning fell by nearly 8 percentage points, leading to a brief tie with Trump. She regained a 4-point lead by Monday morning. Some analysts speculate that Trump's buoyancy may be attributed to traders assuming Biden as the Democratic nominee, rather than Harris.

Dogecoin's Outlook

Dogecoin has recently experienced bullish momentum, with the 9-day EMA at $0.10293. Bulls could potentially push its price to $0.11161 or $0.11873 if the trend continues.

Conversely, if bearish trends persist, DOGE may retrace to $0.0956 or even $0.0827. The coming days will be crucial in determining its ability to maintain upward momentum amidst market and political volatility.

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