Dogecoin Price Zooms On Election Result
By
Fiona Craig
PUBLISHED:
14 Nov 2024 @ 14:38
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The “Trump Bump” which has seen Bitcoin and other cryptocurrencies soar following the U.S. presidential election has been apparent in the world of memecoins, which are displaying market exuberance.
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Memecoins have no utility in the real world, and are entirely driven by sentiment. They are currently delivering enormous returns.
One cryptocurrency which has benefited from the changing face of the U.S. government is Dogecoin (COIN:DOGEUSD). Elon Musk, who has been tapped to head a new department to streamline government bureaucracy, has long been a fan of DOGE, which is the oldest memecoin around, and it has soared in market cap from around $22 billion before the election of around $60 billion now.
The price peaked a few days ago at 0.432; it’s now 0.410, but given Musk’s past support for the coin it can only get more popular. His new department is even called the Department of Government Efficiency, or D.O.G.E for short.
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