Oct 16, 2024

6thTrade,

Dogecoin and Shiba Inu Soar Amid Political Speculation and Musk’s Bold Moves

Dogecoin (DOGE) and Shiba Inu (SHIB) have recently experienced impressive price surges, driven in part by social media buzz about Elon Musk and his potential involvement in U.S. politics. As Musk hinted at heading a hypothetical “Department of Government Efficiency” (DOGE) under a Trump administration, speculators have latched onto this narrative, seeing it as a bullish signal for Dogecoin. Musk, who recently donated $75 million to Donald Trump’s campaign, has fueled speculation that Dogecoin could benefit if Trump is elected, as the former president has suggested Musk could play a role in streamlining government if he returns to office​

Meme Coins on the Rise

Following Musk’s endorsement and his potential political role, Dogecoin saw an 8% spike in the last 24 hours, with trading volumes and large transactions up by 4.6%, signaling increased market activity. Dogecoin futures have also attracted significant attention, with open interest climbing by 22%, reflecting a growing optimism about the cryptocurrency’s potential. This momentum mirrors Dogecoin's 19% increase over September, building on its positive trend

Shiba Inu has likewise seen a strong uptick, surging 32% in September. The SHIB community has maintained engagement through efforts like token burning, which has removed millions of SHIB coins from circulation. In the past 24 hours alone, 3 million SHIB coins were burned, a move aimed at reducing supply and supporting long-term price stability. Despite a dip in large transactions, Shiba Inu’s active addresses increased by 17.2%, suggesting robust community interest

The Trump Effect on Dogecoin

Crypto analysts are now speculating on how a Trump victory in the 2024 U.S. presidential election could further impact meme coins like Dogecoin. According to Andrew Kang, Dogecoin could be an “interesting way to express a ‘Trump Victory’ trade,” thanks to the renewed potential for a Dogecoin ETF and the possibility of a “DOGE” department under Trump. The idea, although speculative, has resonated with Dogecoin enthusiasts who believe Musk’s influence could keep Dogecoin in the headlines. Analyst Unipcs echoes this sentiment, noting that Dogecoin’s recent performance aligns well with Trump’s rising poll numbers and Musk’s active involvement in Trump’s campaign​ $DOGE

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