- The potential establishment of the Department of Government Efficiency (D.O.G.E.) for Elon Musk to lead could indirectly make Dogecoin (DOGE) the biggest gainer if Trump wins the US presidential election.
- According to an analyst, DOGE could witness its market cap reaching $250-300B before the end of this cycle.
A couple of months ago, Republican presidential candidate Donald Trump announced that he would establish a Department of Government Efficiency (D.O.G.E.) and appoint billionaire Elon Musk to lead the committee. This was said during a wide-ranging speech that detailed his economic vision for the US, as we reported in September.
According to sources close to the case, the decision to establish this Department was in discussion for weeks until Trump finally endorsed the idea publicly for the first time. Speaking to an audience that included his former treasury secretary Steve Mnuchin, and financiers Scott Bessent and John Paulson, Trump announced:
I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government.
The US presidential election is scheduled today, November 5. Meanwhile, Dogecoin (DOGE) has been one of the most responsive coins, with a 9% surge in the last 24 hours. According to analyst Master Kenobi, DOGE is the most strategically positioned crypto in the context of the US election.
In the context of the U.S. elections, I believe #DOGE is the most strategically positioned cryptocurrency. Market cap: $22.27B #8 👉 An intriguing proposal is the creation of a Department of Government Efficiency (D.O.G.E.), suggested by Elon Musk and endorsed by Donald Trump… pic.twitter.com/9KdPE2nX4d— Master Kenobi (@btc_MasterPlan) November 3, 2024
Delving into the Impact of Trump’s Win on DOGE
Analyzing Kenobi’s thesis, CNF uncovered that the analyst expects DOGE to indirectly benefit from a potential victory for Trump. According to him, Musk, who has been tipped to lead the D.O.G.E Committee, has a rare unpredictability and innovative nature that makes him a direct determinant of the bull market.
Elon Musk has made several public statements in the past expressing his support for Dogecoin. Given his unpredictable and innovative nature, I’m confident we will see more bold moves from him in the bull market – never bet against Elon. A DOGE sticker on the SpaceX rocket that will orbit the moon won’t hurt anyone, but it could literally send DOGE to the moon.
In addition to the indirect impact of D.O.G.E, Kenobi believes that the meme coin has had an incredible evolution and has outperformed Bitcoin in the past 10 years. This makes it possible to position its market cap to $250-300B from the current valuation of $24 billion.
Adding to this, the analyst pointed out that DOGE’s current market cap is an imitation of Bitcoin’s valuation during the start of 2017. Meanwhile, the meme coin has a stronger community and has become a more influential brand compared to Bitcoin.
I believe DOGE has the strongest and most genuine community among all cryptocurrencies. Its history and position in the market cap exposure instill confidence in investors while remaining affordable.
Joining this discussion, another analyst identified as Satoshi Flipper predicted that Trump’s victory could easily send DOGE to $1. According to him, Musk and the US government would post about the Department of Government Efficiency (D.O.G.E) for four years if Trump wins. This would indirectly trigger the meme price to a new height.
Ahead of the election, crypto analyst Kevin Capital has also observed the formation of a bullish pattern. According to him, there is a pending daily and weekly golden cross waiting to trigger. Meanwhile, Polymarket data shows Trump has a 59.7% chance of becoming the US president.
