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
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