Dogecoin price rally has resumed as the United States prepares to elect its next president. With its strong community support and increasing mainstream acceptance, DOGE is in a unique position to benefit from the increasing attention and political market shifts stemming from the U.S. election.
Why is Dogecoin Price Up Today?
DOGE price has increased by 10.9% and is among the best-performing crypto asset among the top 100 largest coins by market cap. Trading at $0.1676, the recent Dogecoin price increase could be attributed to the upcoming U.S. election, which is slated to begin in about 4 hours from now (02:40 a.m. ET).
It is anticipated that if Trump wins, the crypto market may experience a surge and DOGE stands to gain above all because of its affiliation with Elon Musk, who has recently taken on a center stage in the elections.
What Makes DOGE Ideally Positioned for the U.S. Election?
The incoming U.S. election could propel DOGE to becoming more than just a meme coin and improving its role in the market—and perhaps even the government—to transform its future trajectory.
One of the more intriguing proposals comes from a joint idea between Elon Musk and Donald Trump: the Department of Government Efficiency, nicknamed “D.O.G.E.” The concept involves a federal agency focused on optimizing government operations and auditing federal structures to enhance overall efficiency.
Elon Musk on D.O.G.E:
“I think we can reduce the annual federal budget by atleast $2 trillion per year. Your tax money is being wasted and the Department of Government Efficiency is going to fix that.” pic.twitter.com/isu5ZHOaGz
— DogeDesigner (@cb_doge) October 27, 2024
Trump has mentioned that, if re-elected, he would appoint Musk to lead a committee that would shape the new department’s initiatives. While this proposal is lighthearted, the prospect of a “D.O.G.E.” department could indirectly influence Dogecoin’s image, adding an unexpected layer of legitimacy, perhaps even prompt the approval of a Dogecoin ETF.
The elections prediction market Polymarket shows Trump is leading Harris 60.5% to 39.6%.
These results further increase the bullish sentiment around Dogecoin price increase in the coming days.
DOGE Price Analysis: How High Could Dogecoin Go If Trump Is Elected?
In light of the improving odds on Polymarket, many crypto enthusiasts and analysts are predicting that DOGE could have the most unique position for growth in this cycle. Now holding a market cap of $22.27 billion and securing the 8th position in the crypto rankings, DOGE has even outpaced Bitcoin in terms of percentage growth.
Crypto analyst Master Kenobi has predicted that the meme narrative could make a strong comeback in this bull cycle, with DOGE easily reaching a $250-300 billion market cap if momentum continues to grow. This would put Dogecoin price around $1.70 —$2.04 range by the time the cycle ends.
What’s Next For Dogecoin Ahead of U.S. Election?
Dogecoin price forecast shows the asset is at a key resistance level. The monthly chart shows 25 days remaining and if DOGE closes November candle above this resistance zone it could spark a rally toward $0.21 and $0.28.
There is a strong multi-year support around $0.05. However, should price drop and break below this key support level, it would turn DOGE price analysis bearish, pushing it down to $0.002.
The post Why Dogecoin Price is Strategically Positioned For US Election? appeared first on CoinGape.
