Elon Musk-backed Dogecoin rallies 25%, fueled by Trump’s White House win

Dogecoin surged over 25% on Wednesday, reaching $0.2068, as Donald Trump sealed the US presidential race after breaching the 270-majority mark of electoral votes. Trump, widely seen as a pro-crypto candidate, has indirectly boosted Dogecoin, with the rally also attributed to Elon Musk‘s outspoken support for both Dogecoin and Trump.

Analysts suggest that a Trump win could be viewed positively by the crypto community, partly due to his recent proposal to establish the Department of Government Efficiency (D.O.G.E.), which he plans to have Musk lead if elected. This move would likely amplify Musk’s influence in the crypto sector, potentially boosting interest in Dogecoin, a token Musk has consistently endorsed.

“Dogecoin has seen a major boost, supported by $30 million in liquidated short positions. Open interest in DOGE futures has risen from 7 billion to 8.3 billion tokens, indicating heightened market activity. Additionally, Musk’s endorsement of a ‘Department of Government Efficiency’ as part of Trump’s campaign appears to have further stoked interest in the meme token,” said the CoinSwitch Markets Desk.

Donald Trump clinched the White House after securing Wisconsin’s swing state and reaching a majority of 277 electoral votes, setting him up as the USA’s 47th President. The Republican also captured Pennsylvania, along with North Carolina and Georgia, and secured leads in Michigan.Over the last month, Dogecoin has surged by 84%, marking a 200% increase over the past year. Musk’s support, through tweets and public statements, has been a key driver, fueling Dogecoin’s popularity among investors.

In the wake of Trump’s victory, Bitcoin also set a new record, reaching over $75,000 on Wednesday amid positive market sentiment. As of 4:54 pm IST, Bitcoin traded 7.6% higher at $74,082, with Ether up 7.7% at $2,627. Dogecoin remained strong, trading 19% higher at $0.2023.Dogecoin’s rally underscores its growing role in the crypto market, with Musk’s influence remaining a key factor in shaping investor sentiment. With election results continuing to develop, Dogecoin’s momentum may endure, especially as Musk’s influence and potential regulatory shifts loom over the crypto sector.

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