The post Dogecoin Election Day Rally, Traders Bet on Trump, Elon, and Chaos Memes appeared on BitcoinEthereumNews.com.

Dogecoin was the fastest horse early on election day, jumping almost 10% as traders look for a Trump and Elon win Troy Miller here, tracking a move that’s half comedy, half chaos theory. Dogecoin is popping off today, and I think I know why. With the final votes rolling in for the U.S. election, traders have their eyes on an increasingly plausible scenario: a Trump win, backed—quite vocally—by noted DOGE enthusiast Elon Musk. And in a digital soap opera where Dogecoin has become the unofficial mascot for Elon’s antics, it makes perfect sense that Doge would get a little frisky. Dogecoin jumped 10% at the start of election day, source: Trading View Let’s break down why today, of all days, Dogecoin is seeing this spike. First off, there’s the Trump factor. Like him or not, Trump’s brand brings a certain level of volatility. The idea of a Trump comeback fuels a feeling of high-risk, high-reward—perfect for a “meme coin” like Dogecoin, which thrives on speculation, bold moves, and the bizarre. Trump’s infamous disregard for convention fits hand-in-glove with Dogecoin’s original “joke” status. It’s not about the fundamentals; it’s about the spectacle. Source: X Then, there’s Elon Musk, the eternal puppet master of crypto’s wilder side. Musk has been an open supporter of Dogecoin, turning it from a laughable alt-coin into a pseudo-legit player with his relentless tweets and occasional pumps. His endorsement of Trump’s candidacy, cryptic though it may be, has had the crypto community on edge, and many Dogecoin holders are reading between the tweets. A Trump-Elon-Dogecoin trifecta is a perfect cocktail for people hungry for both a bit of rebellion and a chance to make a quick buck. If Musk has even hinted at Dogecoin alongside his Trump commentary, you can bet the crypto crowd is paying attention.…

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Filed under: News - @ November 5, 2024 11:27 pm