Dogecoin rises 145% since Trump’s election win; Elon Musk-backed cryptocurrency beats Bitcoin & Ethereum

Dogecoin, the cryptocurrency featuring the face of Kabosu from the “doge” meme, witnessed 145 per cent growth since the Republican candidate Donald Trump won the US Presidential Elections 2024 to become the President-elect, eyeing to make a White House comeback, the Economic Times reported on Tuesday, November 12. 

Dogecoin has gained nearly 50% in the past five days, overtaking Bitcoin and Ethereum gains, according to data compiled by the news agency Bloomberg. 

Despite the 145 per cent hike, Dogecoin is still trading under its all-time high of $0.7376, achieved during its 2021 peak.

The meme coin's recent surge is due to positive sentiment in the market and strong support from popular faces like Elon Musk. According to analysts cited by the news portal, Musk's public endorsements and tweets backing Dogecoin and Trump have played a critical role in driving investor interest and demand. 

Elon Musk factor boosts demand

Edul Patel, CEO of Mudrex, said that Elon Musk's recent tweet propelled Doge to form the Golden Cross, suggesting a stronger rally in the upcoming days. “At this point, Doge faces resistance at 0.463370 while support lies at 0.240350,” he said, according to the news portal. 

Crypto industry experts believe that the gains in the market are driven due to speculation that the upcoming Trump administration may collaborate with Elon Musk on the Department of Government Efficiency, commonly referred to as DOGE. 

Dogecoin’s gains reflect optimism surrounding Trump’s pro-crypto stance in hopes from investors for a more favourable regulatory environment. Along with Doge, other high scorers for the week include Cronos at 185 per cent gains, Neiro at 118 per cent gains, Cardano at 80 per cent gains and Pepe at 75 per cent gains. 

“A rising tide lifts all boats and the boom in Bitcoin rippled on to the alts relatively quickly,” Caroline Bowler, chief executive officer of digital-asset exchange BTC Markets Pty, told the news agency. “The sector in its entirety is expected to be a net beneficiary of Trump’s administration,” said Bowler.