Dogecoin (DOGE) Soars 11 Percent as All Eyes Turn to US Elections! Here's Why!

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Bitcoinsistemi2024/11/05 17:44

By:Elif Azra Güven

Leading cryptocurrency Bitcoin (BTC) has dropped below $67,000 amid US election uncertainty and Mt.Gox wallet volatility.

Dogecoin (DOGE) rose and became the biggest gainer as cryptocurrency investors prepared for the high-risk presidential elections in the face of Bitcoin's decline.

This is seen as a sign that Dogecoin could benefit the most from a possible Donald Trump victory, especially with the participation of Elon Musk.

Although Donald Trump’s winning rate on Polymarket increased compared to yesterday, it was not enough to boost the Bitcoin price, erasing all the gains that BTC had made since it nearly pushed new highs last week.

While Trump’s rising earnings rate failed to boost BTC, DOGE is up 11.3% in the last 24 hours.

While this latest surge paints a bullish outlook for Dogecoin, analysts argue that DOGE is in the best position to benefit from Donald Trump’s potential victory in the US presidential election.

At this point, crypto analyst and trader Satoshi Flipper claimed that a Trump win would trigger a massive rally in DOGE and the price could rise to $1.

The analyst stated that Elon Musk's support for Trump and the DOGE initiative could be effective in this rally.

DOGE continues to trade at $0.167 at the time of writing.

Dogecoin (DOGE) Soars 11 Percent as All Eyes Turn to US Elections! Here's Why! image 0

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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