Meme cryptocurrency Dogecoin DOGE/USD has skilled a surge in buying and selling quantity and worth exercise main as much as the 2024 presidential election.
A Benzinga ballot asks readers to decide on whether or not a victory by Donald Trump or Kamala Harris within the election may have a extra optimistic affect on Dogecoin in 2025.
What Occurred: Dogecoin is up 12% to $0.1761 on Tuesday, with the meme cryptocurrency seeing elevated exercise seemingly associated to the 2024 election and positive mentions of the Division of Authorities Effectivity, or D.O.G.E. for brief, by Elon Musk.
Musk is anticipated to affix the Trump administration if the previous president wins the 2024 election. On this position, Musk would search to chop authorities inefficiencies and pointless departments, a job labeled beneath the D.O.G.E.
The Tesla CEO and billionaire talked about D.O.G.E. throughout his most recent appearance Monday on “The Joe Rogan Expertise” podcast, which is probably going contributing to Dogecoin’s sturdy motion on Tuesday.
“For Dogecoin’s future in 2025, who can be the higher president: Kamala Harris or Donald Trump?” Benzinga not too long ago requested.
The outcomes have been:
- Donald Trump: 72%
- Kamala Harris: 28%
The Benzinga ballot discovered that respondents consider Trump can be extra favorable for the way forward for Dogecoin, which can not come as a shock given the previous president’s repute as a extra pro-crypto chief.
Did You Know?
What’s Subsequent: Trump, who beforehand spoke out against Bitcoin, reversed course and has appealed to cryptocurrency buyers forward of the 2024 election.
If Trump wins the 2024 election, cryptocurrency buyers count on the worth of Bitcoin BTC/USD and different cryptocurrencies to rise with a extra crypto-friendly authorities in place and the chance that SEC Chair Gary Gensler will likely be changed.
Whereas Harris has not been as vocal on cryptocurrency as Trump, there’s perception that she could look to advance the sector ahead if she wins the election.
Both method, Dogecoin may see excessive volatility through the week because the 2024 election end result is anticipated to take a while to make official.
With a worth of $0.1761 on Tuesday, Dogecoin is nearing its one-month excessive of $0.1792.
Over the past 52 weeks, Dogecoin has traded between $0.07028 and $0.2266. Dogecoin hit all-time highs of $0.7376 again in Might 2021.
Learn Subsequent:
The examine was performed by Benzinga from Nov. 4 by Nov. 5, 2024, and included the responses of a various inhabitants of adults 18 or older. Opting into the survey was fully voluntary, with no incentives provided to potential respondents. The examine displays outcomes from 134 adults.
Picture created with Shutterstock and Midjourney.
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