Dogecoin Surges 25% Following Trump's Electoral Success, Analysts Expect Further Increases
Dogecoin's value has significantly increased post-Trump's electoral victory, drawing attention to Elon Musk's influence in the cryptocurrency market.
Dogecoin (DOGE) has continued its impressive weekly performance, boosted by renewed support from Elon Musk. In the last 24 hours, its value has surged over 25%, contributing to a 30-day increase of more than 65%, solidifying its position as the top-performing major cryptocurrency.
Musk, known for his public backing of Dogecoin since 2021, has suggested the creation of a Department of Government Efficiency—abbreviated as D.O.G.E.—to improve government spending and monetary planning, aligning with Republican campaign objectives.
Analysts believe that Trump's recent electoral success could further influence the crypto market, with traders fixated on the so-called "Elon factor" that could drive prices even higher.
"There is going to be a media frenzy about Elon and how his aggressively backing Trump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win," noted one trader in an analysis of the current market dynamics.
Traders view Trump's victory as a potential bullish signal for the cryptocurrency sector, echoing optimism and an increased demand for DOGE and related tokens.
