Why does the price of Dogecoin (DOGE) have a strategic relationship with the U.S. elections?
As the U.S. prepares to elect its next president, the momentum for Dogecoin's price increase has resumed. With strong community support and growing mainstream acceptance, Dogecoin is uniquely positioned to benefit from the increasing attention and political market changes triggered by the U.S. elections.
Why did the price of Dogecoin increase today?
The price of DOGE has risen by 10.9%, making it one of the best-performing crypto assets among the top 100 cryptocurrencies by market capitalization. Dogecoin's trading price is $0.1676, and the recent price increase may be attributed to the upcoming U.S. elections, which will start in about 4 hours (02:40 AM EST).
It is expected that if Trump wins, the cryptocurrency market may experience a surge, with DOGE being one of the winners, as it is associated with Elon Musk, who has recently been at the center of the election.
What makes DOGE an ideal choice for the U.S. elections?
The upcoming U.S. elections may drive DOGE to be more than just a meme coin, enhancing its role in the market—and even within the government—thus altering its future trajectory.
One of the more interesting proposals comes from the joint concept of Elon Musk and Donald Trump: a Department of Government Efficiency, nicknamed 'DOGE.' This concept involves a federal agency focused on optimizing government operations and auditing the federal structure to improve overall efficiency.
Trump has stated that if elected again, he would appoint Musk to lead a committee responsible for planning a new department. While this proposal is lighthearted, the prospect of establishing a 'Dogecoin' department may indirectly affect Dogecoin's image, adding a layer of unexpected legitimacy and possibly facilitating the approval of a Dogecoin ETF.
Election prediction market Polymarket shows Trump leading Harris with 60.5% to 39.6%.
These results further bolster the bullish sentiment for Dogecoin price increases in the coming days.
DOGE Price Analysis: How high could Dogecoin rise if Trump is elected?
Given the increasing odds on Polymarket, many cryptocurrency enthusiasts and analysts predict that DOGE may occupy a uniquely advantageous growth position in this cycle. Currently, DOGE has a market capitalization of $22.27 billion, ranking 8th in the cryptocurrency listings, with a percentage growth rate that even surpasses Bitcoin 
Cryptocurrency analyst Master Kenobi predicts that meme narratives may make a strong comeback in this bull market, and if the momentum continues to grow, Dogecoin's market cap could easily reach $250 to $300 billion. By the end of this bull market, Dogecoin's price could reach around $1.70 to $2.04.
What will be the next move for Dogecoin before the U.S. elections?
Dogecoin price predictions show that the asset is at a critical resistance level. The monthly chart indicates there are 25 days remaining, and if Dogecoin's November candle closes above this resistance zone, it may trigger a rise to $0.21 and $0.28.
Strong support has been established around $0.05 for many years. However, if the price falls below this critical support level, the price analysis for DOGE will turn bearish, dropping to $0.002.
#CryptoNewss #cryptocurrency #bitcoin #crypto #blockchain #ethereum #btc #trading #cryptotrading #money #cryptonews #forex #investment #investing #eth #bitcoins #bitcoinmining #bitcoinnews #cryptocurrencies #business #nft #invest #binance #entrepreneur #forextrader #investor #trader #bitcointrading #finance #stockmarket #cryptoworld
