Key Takeaways:
Leading meme coin DOGE stands to be one of the biggest winners this election cycle as the cryptocurrency is among the top by market capitalization on the eve of the US presidential election, suggesting that the leading dog-themed crypto could benefit the most from Trump’s victory.
Department of Government Efficiency Could Propel DOGE to $1 Over the Next Four Years
Analysts are presenting a bullish outlook for Dogecoin and suggest that it could be in the best position to benefit from Donald Trump’s return to the White House. Crypto analyst and trader Satoshi Flipper forecasts that DOGE could attain a valuation of $1 per token if the former president wins.
Satoshi Flipper said that his prediction is based on the fact that Elon Musk and the US government under the Trump administration will constantly talk about the Department of Government Efficiency (D.O.G.E) for the next four years.
Musk first proposed the idea of D.O.G.E at a Pennsylvania town hall for Trump last month, which led to the price of DOGE pumping several times. D.O.G.E, an acronym for the Department of Government Efficiency, was a term coined by the Tesla and SpaceX CEO and could be the billionaire’s way of indirectly shilling the meme coin in this bull run.
The world’s richest man has never shied away from publicizing his fondness for Dogecoin because he likes memes and dogs.
Recently, Musk posted a meme on X in which he joked about the mainstream media having to cover D.O.G.E. while he can remain silent and not have to promote the cryptocurrency since the media will be doing his work for him. Responding to the post, Dogecoin co-founder Billy Markus said it was why he is most excited about a potential Trump victory.
Will Dogecoin (DOGE) Go to the Moon?
Crypto analyst Master Kenobi believes that Dogecoin is strategically positioned to become one of the best crypto investments. He highlighted that Elon’s D.O.G.E. department would indirectly affect Dogecoin’s price, which he said would be “interesting and fun”.
Master Kenobi further asserted that he is confident Musk will make other bold moves to shill DOGE in this bull market. He envisages a scenario where the billionaire will put a DOGE sticker on one of his SpaceX rockets, literally sending the meme coin to the moon.
In the meantime, crypto analyst Kevin Capital said Dogecoin is forming a bullish pattern on its chart ahead of the elections. He noted that the daily and weekly golden cross for the widely popular memecoin is pending before a potential Trump victory and confirmation of the D.O.G.E department.
Analyst “Ali Charts” suggested that if DOGE manages to hold above the crucial $0.141 support level; then it could trigger a rebound that will potentially push its price up to $0.162.
Over the past day, the price of DOGE has shown significant upward momentum, rising over 8% to $0.1565. The cryptocurrency began trading at a low of $0.1443 and then climbed to a daily high of $0.1599. Over the past month, the price of Dogecoin has surged by more than 40%, indicating a major bullish trend.
A resurgence in bullish momentum could possibly push Dogecoin’s price above the $0.16 threshold, sparking further investor interest. If DOGE can break this resistance level, it may gain the strength to approach the $0.17 mark, and with sustained buying pressure, Dogecoin could witness an extended rally above $0.2, marking an upward trend.
As per Coinglass’ data, the DOGE-led derivatives market has seen a significant surge in volume, signaling increased trading interest in the crypto asset. Open Interest (OI) in Dogecoin derivatives also saw an uplift, and this trend indicates a growing engagement in the cryptocurrency. It also highlights a notable increase in speculative or hedging activities surrounding DOGE.
These bullish patterns alongside a price rally ahead of the US elections show that traders are betting massively on the memecoin being one of the biggest winners from a possible Trump victory.
Polymarket data shows a surge in the odds of Trump winning on the eve of the election. The billionaire former president has a 57% chance of victory, while his opponent Kamala Harris’ odds are at 42.3%.
At the time of writing, DOGE is trading at $0.1626 – up 7.9% in the last 24 hours.
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