Dogecoin Meteoric Rise: Elon Musk’s Influence Grows as DOGE Triples in Value Post-Election
As the incoming U.S. presidential administration prepares to establish a new federal agency, literally named D.O.G.E., cryptocurrency is emerging as the biggest victor of the 2024 election, and Elon Musk, the primary proponent of Dogecoin, is attaining unprecedented levels of power and influence. In summary, Dogecoin has increased in value as a result of the remarkable events of the previous week.
DOGE was trading at around $0.15 on election day. Since then, the value of the token has nearly tripled, hitting a three-year high this week and nearly hitting $0.43 on Wednesday. The first meme coin in history has been around before, but after big rallies, it usually loses traction.
Dogecoin’s Shift: From Meme Coin to Political and Cultural Powerhouse
According to experts, Dogecoin has altered as a result of this week’s events and appears to be ready for even more success in the future. Previously linked to sporadic news cycles, Dogecoin’s value has now grown so remarkably intertwined with American politics and culture that it has graduated to a new level of ongoing relevance, according to Thomas Bautista, a research analyst at GSR.
I’m very hesitant to put a cap on it, because now you actually have this ongoing attention cycle,
Bautista
Because of this, Bautista thinks the coin is ready to break its tendency of joyfully soaring after an unexpected (usually Musk-related) plug and then falling back down.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment