Elon Musk's DOGE Highlight: As the Crypto Market Remains Unstable, DOGE Continues to Rise
As the election environment in the U.S. leads to fluctuations in the crypto market, Elon Musk's comments on Dogecoin have once again attracted attention. Tesla and SpaceX CEO Musk has generated buzz on social media with discussions about the proposed Department of Government Efficiency (DOGE). This discussion has positively influenced Dogecoin's price, while the meme coin continues to perform better compared to other major cryptocurrencies like Bitcoin and Ethereum.
Musk's DOGE-themed initiative has been interpreted as a nod to potential reforms under the Trump administration as well as to the popular meme coin, Dogecoin. In his posts on the X platform, Musk has demonstrated his support for Donald Trump. Within this framework, while emphasizing the country's financial difficulties, Musk has also heightened interest in Dogecoin, causing an over 11% increase in DOGE's price.
Elon Musk's influence: Dogecoin's price surge Elon Musk's posts related to Dogecoin have resulted in a remarkable price increase of 11% today. Musk's vision for the Department of Government Efficiency, targeting excessive spending by federal bureaucracy, has resonated widely on social media, and the Dogecoin community has interpreted these views positively.
During this period, Dogecoin experienced a significant jump of 55% in trading volume, placing it among the top gainers today. This increase has helped Dogecoin recover its previous losses, and the cryptocurrency achieved a return rate of 47% on a monthly basis. As Musk's influence on the cryptocurrency market rises once again, Dogecoin's performance has benefited from this impact.
Crypto market fluctuates ahead of U.S. elections The election agenda in the U.S. has led to notable tension in the crypto market. Elon Musk's support for Trump and criticism of the current administration have captured the attention of cryptocurrency investors. The market capitalization of the meme coin category rose by 4.3% to reach $62.3 billion ahead of the elections. This rise is seen as a reflection of the increasing price levels of meme coins during the election process.
On election day, Dogecoin emerged as the leading meme coin with a value increase of over 10%, while Shiba Inu joined the upward trend with a gain of over 5%. Other cryptocurrencies within the meme coin category also recorded various significant rises. Based on the price movements in the last 24 hours, the top five gainers among the top 100 cryptocurrencies are all from the meme coin market. Today, the top rising cryptocurrencies in the top 100 are ranked as Mog Coin (MOG), Dogecoin (DOGE), Popcat (POPCAT), Bonk (BONK), and Shiba Inu (SHIB). In contrast, Bitcoin remained flat today, while Ethereum faced a decline of nearly 1.5%.
In summary, the meme coin market stood out in the cryptocurrency space on U.S. election day. Despite a general cooling of the market and a retreat of other assets, meme coins demonstrated strong performance.