Dogecoin (DOGE), the leading memecoin, has experienced a significant price surge fueled by enthusiastic backing from Elon Musk and the recent re-election of Donald Trump. In just 24 hours, DOGE’s value escalated by over 25%, and the digital asset has impressively increased by more than 65% over the past month, positioning it as one of the most lucrative altcoins available.
How Did Trump’s Victory Impact Dogecoin?
Early reports confirmed Trump’s return to the presidency, which has had a positive ripple effect across the cryptocurrency landscape, lifting Dogecoin alongside other altcoins like Bitcoin. The excitement surrounding Trump’s victory has invigorated market activity and investor sentiment.
In the past day alone, over $30 million in short positions were liquidated on Dogecoin futures, indicating a shift as traders close their losing bets. This action has contributed to the upward momentum in DOGE’s price.
Which Other Memecoins Are Thriving?
Musk’s endorsement is also benefiting the Ethereum-based D.O.G.E token, which surged by 77% recently and has skyrocketed over 500% since it gained popularity. Other dog-themed memecoins, such as Shiba Inu (SHIB) and Floki (FLOKI), have also seen gains of over 10% in this positive market environment.
- Dogecoin’s value surged over 25% in 24 hours.
- Open interest in DOGE futures increased from 7 billion to 8.3 billion coins.
- Musk’s support is anticipated to drive higher valuations for DOGE and related tokens.
Optimism remains high in the market, with expectations that both Dogecoin and D.O.G.E token will see further price appreciation. The support from Musk, coupled with the political climate, is likely to maintain momentum in the coming days.