Dogecoin Surges After Trump’s Victory and Musk’s Support

Dogecoin Surges Following Trump's Victory and Musk's Endorsement

The leading memecoin, Dogecoin (DOGE), has witnessed a significant surge in value, alongside other memecoins, thanks to Elon Musk's continued support.

Within the past 24 hours, DOGE has experienced an impressive 25% growth, marking a 65% increase over the last 30 days, making it one of the most profitable major altcoins. Musk's unwavering backing of Dogecoin since 2021 has continued, with his recent proposal to establish the "Department of Government Efficiency" (D.O.G.E.) in the U.S. administration. This proposal aims to enhance government spending and financial planning efficiency. The proposal gained further traction following the re-election of Republican candidate Donald Trump.

Trump's Victory Impacts DOGE

According to Fox News, early European election results confirmed Trump's return to the presidency. This victory has had a positive impact on the cryptocurrency market, boosting Dogecoin alongside Bitcoin and other altcoins.

Over the past 24 hours, $30 million in short positions were liquidated in Dogecoin futures, indicating investors unwinding losing positions and driving up the price.

The open interest in Dogecoin futures contracts increased from 7 billion coins on Monday to 8.3 billion coins, reflecting the growing demand and expectations of a continued price rise.

Other Memecoins Benefit

Musk's support has extended beyond DOGE to include the Ethereum-based D.O.G.E token. This memecoin has gained 77% in the past 24 hours and has surged over 500% since its initial recognition. The positive sentiment surrounding Dogecoin has also buoyed other dog-themed memecoins, including Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK), which have all risen by over 10%.

Analyst Commentary

Cryptocurrency analyst unipcs attributes Musk's support for Trump and the "Department of Government Efficiency" narrative as key factors in Trump's victory. They anticipate that DOGE and Ethereum-based D.O.G.E coins will continue to appreciate in value. The analyst suggests that "The Musk effect has yet to be priced in for DOGE," implying that further media attention will contribute to DOGE's ongoing value appreciation.