Dogecoin up 33%, traders bet on Trump

Dogecoin’s value is soaring amid Trump’s high odds of winning the 2024 presidential election. The US presidential election has a positive correction on the recent explosion in the crypto market.

Dogecoin is no exception. DOGE price increased by over 30% for the day, breaking beyond the critical $0.22 barrier.
Dogecoin’s rise is mostly due to traders’ belief that Trump would win the election and create the so-called Department of Government Efficiency (DOGE for short), run by Elon Musk.

Elon Musk, the world’s richest man, is largely responsible for Dogecoin’s price surge today, even though the cryptocurrency market is incredibly green and Bitcoin hit an all-time high.

Donald Trump is the most well-known supporter of Musk. The Republican contender who has been topping major polls for the US presidency in 2024.

In the meantime, the Musk-backed X platform announced the opening of the X shop to accept products with brand names. The X Shop will only be accessible in the United States at first, but there are ambitions to expand the new product globally

The adjusted price Daily Active Addresses (DAA) divergence has continuously stayed positive during the development. This indicator assesses if user engagement is strong enough to sustain price increases.
If it is negative, the price may retrace since the uptrend is weak. However, because it is favorable, Dogecoin’s price may keep rising.

Furthermore, data from IntoTheBlock shows that the number of short-term Dogecoin holders has increased.

According to the “Balance By Time Held” measure, more investors held DOGE in the last 30 days than in the previous 12 months. This change indicates that newer market players are more interested and active.