Elon Musk-backed Dogecoin soars 25% as Trump wins historic election
Elon Musk's favorite cryptocurrency, Dogecoin, surged a whopping 25% to $0.2068 earlier today. The surge can largely be attributed to Donald Trump's win in the US presidential race. Trump has now secured a historic victory, leading with 277 electoral votes to surpass the 270 threshold. Both Musk's vocal support and Trump's pro-cryptocurrency stance have fueled the rally.
Trump's proposed DOGE department fuels Dogecoin rally
Trump's recent proposal to set up the Department of Government Efficiency (DOGE) with Musk at the helm has also contributed to Dogecoin's surge. "Dogecoin has seen a major boost, supported by $30 million in liquidated short positions," the CoinSwitch Markets Desk said. The crypto community saw a potential Trump win in a positive light due to his pro-crypto stance and plans for the DOGE department.
Musk's endorsement boosts Dogecoin's market activity
Open interest in Dogecoin futures has risen from seven billion to 8.3 billion tokens, reflecting increased market activity. This increase is attributed to Musk's endorsement of the 'Department of Government Efficiency' as part of Trump's campaign, which has further stoked interest in Dogecoin. Over the last month, Dogecoin has skyrocketed by 84%, marking a 200% increase over the last year. Earlier today, as Trump took lead in polls, Bitcoin also hit a new all-time high of over $75,000.
