Trump's Victory, A Jackpot For Dogecoin Crypto?
The Dogecoin (DOGE) has crossed the $0.21 mark, driven by speculation surrounding a possible victory of Donald Trump and the enigmatic allusions of Elon Musk. This spectacular surge illustrates the growing impact of American politics on the crypto market.
An impressive performance driven by the political context
On November 6, 2024, Dogecoin (DOGE) experienced a spectacular rise of 30% in 24 hours, propelling its market capitalization to $30 billion. This performance allows it to dethrone Ripple (XRP) and secure the 7th place among the most valued cryptos. The progression is part of a larger bullish movement in the crypto market, with Bitcoin reaching historic highs at $74,504.
The enthusiasm around DOGE is particularly explained by Donald Trump’s recent pro-crypto statements, contrasting with the more reserved position of the current administration.
The concept of a “Department of Government Efficiency” (DOGE), mentioned by Trump and Musk, has particularly fueled investor speculation.
Elon Musk’s implicit support, an emblematic figure in the crypto sphere, also reinforces investor confidence. His enigmatic tweets and appearances alongside Trump have helped create favorable momentum around the crypto.
A “Trump trade” that shakes up the crypto market
The phenomenon, dubbed “Trump trade” by analysts, reflects the anticipation of a more favorable policy towards cryptocurrencies in the event of a victory by the former president. This dynamic is part of a broader context of transformation in the American crypto landscape, marked by the growing adoption of Bitcoin ETFs.
Institutional investors seem particularly sensitive to this new political dynamic. The prospect of a looser regulatory framework under a potential Trump administration is stimulating capital inflows, indirectly benefiting Dogecoin.
This trend could continue according to Josh Gilbert, an analyst at eToro, who believes that “this bullish market has a lot of weight behind it, and this could keep driving the asset up.”
Dogecoin, initially created as a parody of Bitcoin, once again demonstrates its ability to capture investor attention. Although still below its historic record of $0.73, its recent performance shows the persistence of its influence in the crypto ecosystem.
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Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.