- Dogecoin’s value is rising alongside Trump’s poll gains.
- Elon Musk’s D.O.G.E. proposal and his support for Trump have boosted Dogecoin.
- This trend highlights how political events and influencer endorsements impact cryptocurrency markets.
The proud owner of the title of the first dog-inspired currency ever – Dogecoin continues to build momentum as one of the fastest-growing altcoins in this year’s last quarter.
Doge, who spent most of the year trying to break above the $0,10 margin – today trades comfortably above that zone. According to CoinMarketCap, the currency is currently trading at $0.1573, up 128.61% over the past 365 days.
Today, October 28, $DOGE is having one of its most profitable trading days of the year. Over the past 24 hours, the coin went up by an incredible 11%, outperforming all the other currencies in the top 10 ranking by market capitalization.
IntoTheBlock reveals an even more optimistic space among Dogecoin investors. Nearly 85% of people holding $DOGE today are at a profit – a scenario vastly different from one year ago.
Is Doge Pump Linked to Donald Trump’s Campaign Success?
On the same day that Doge pumped by 11%, Real Clear Politics shared a new presidential election poll revealing that Donald Trump is ahead by 0.1% in popular votes. Although at first, this amount seems insignificant – it’s important to highlight that Trump was always behind on popular votes in the two previous elections against Hillary Clinton and Joe Biden, respectively.
Generally regarded as the most pro-crypto out of the two candidates by the American public, Donald Trump’s campaign is starting to also correlate with the world’s first memecoin.
Perhaps the most notable Donald Trump supporter in this election is none other than multi-billionaire Elon Musk. The South African entrepreneur never made it a secret his support for Dogecoin, and his close ties to Dogecoin have also contributed to the memecoin’s positive performance, especially when Donald Trump does well in the polls.
Just last week, Musk spoke during a rally, humorously suggesting the creation of a ‘Department of Government Efficiency’ (D.O.G.E.), hinting at his support for Dogecoin. Elon Musk’s public mention of Dogecoin likely gave the currency the push it needed to reach today’s trading performance.
With all these factors in perspective, the potential of a Donald Trump win in the upcoming November election leads Dogecoin holders to believe that they stand to gain a lot with a potential Republican victory.
