Dogecoin (DOGE) saw a sharp price hike, climbing 30% over the past day, overcoming a key resistance level. This surge allowed DOGE to leap ahead of XRP, making it the 7th-largest crypto by market cap.
According to BSC News, this jump in value is fueled by speculations tied to the U.S. election and the potential involvement of Elon Musk in a new government role if Trump wins. Meanwhile, XRP’s position has taken a hit amid these developments, marking a dynamic shift in market rankings.
Reports suggest that traders are betting on DOGE. This is due to rumors surrounding a potential government department, the “Department of Government Efficiency” (DOGE), which Trump might establish if elected.
Elon Musk, a vocal Dogecoin supporter, is rumored to be a possible head of this department, focusing on reducing national debt. Musk recently highlighted the urgent need for spending cuts, noting that national interest payments now exceed the Defense budget.
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DOGE Breaks the Key Resistance
Dogecoin is trading at $0.2064, experiencing a 21.81% increase, at publication, reflected over the week too, as per CoinGecko data.
The memecoin’s trading volume has also seen an uptrend, reaching $11.45 billion. This increased interest has propelled DOGE into the top 10 rankings, overtaking XRP amid current market conditions.
With the U.S. election still underway, Trump holds more electoral votes against Kamala Harris, according to Reuters. However, key states remain undecided, leaving the outcome uncertain and fueling speculation-driven price fluctuations.
The market remains on edge, awaiting the final results, which could impact both Dogecoin and broader crypto trends.
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Bitcoin Outlook Remains Strong Regardless of Election
Meanwhile, analysts like Bernstein remain bullish on Bitcoin, projecting a six-figure target by 2025, irrespective of election results. While Dogecoin rides the wave of speculation, Bitcoin’s trajectory appears grounded in market fundamentals, suggesting potential growth ahead.
As the election unfolds, all eyes remain on both DOGE and BTC, each poised for distinct yet potentially impactful movements in the near term.
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