The rapid surge in Dogecoin’s trade price continues without resistance or correction, hinting at a super bull phase in the market that favors meme tokens.
Dogecoin is a popular meme cryptocurrency, primarily known for the backing of Tesla CEO Elon Musk. In 2020, Musk began supporting Dogecoin as an ideal payment cryptocurrency, and two years later, his company Tesla started accepting Dogecoin for some of its merchandise.
The current trade price of Dogecoin (DOGE) is $0.38, reflecting a 29% increase over the last 24 hours. Notably, the trade price of this cryptocurrency has surged 118% over the past 7 days.
Elon Musk, the US Presidential Election, & DOGE
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Elon Musk has shown significant influence in the US presidential election and indirectly promoted Dogecoin (DOGE). Musk promoted Dogecoin through the concept of the Department of Governmental Efficiency (DOGE)—a commission for government efficiency proposed by former President Donald Trump, which Musk would lead.
On multiple occasions, Musk has suggested that DOGE could address various issues.
Some believe that Musk avoids directly promoting Dogecoin due to past legal issues related to his influence in the crypto space; instead, he has supported the DOGE concept (Department of Governmental Efficiency) as a subtle nod to Dogecoin.
With Trump having won the US presidential election, set to assume office in January 2025, DOGE may gain greater prominence with favorable regulations for Musk’s companies. The current bull phase, where nearly every cryptocurrency is experiencing gains, will be closely watched for further developments in Dogecoin’s trajectory.
Read also: Ethereum Foundation Unveils Plans for Ethereum 3.0, Sparking Major Bullish Sentiment for ETH