The price of Dogecoin has jumped by 10.5% in the past 24 hours, reaching $0.168 as election fever helps the meme token to outperform the cryptocurrency market as a whole.
The wider market is down by 1% today, yet DOGE is now up by 17% in a fortnight and by 54% in the past month, with the meme token gaining impetus from the involvement of Elon Musk in Donald Trump’s election campaign.
Musk – who has long been a champion and holder of Dogecoin – has become Trump’s second-biggest financial supporter, having donated $118 million to a Super PAC focused on electing the former president.
And with Trump indicating that, if he wins, he would pick Musk to lead a committee on government efficiency, DOGE could receive a massive boost if the Republican regains the White House today.
Dogecoin Set to Soar? Musk’s Trump Support Fuels DOGE Price Targets for Election Day
The latest development in Musk’s Trump boosting is the news that a Pennsylvania judge has ruled that the Tesla CEO can continue running a $1 million daily lottery for people who sign a petition in swing states.
Of course, the election is today, so these lottos are unlikely to have much more influence, if they’ve had any at all.
Either way, they’ve highlighted Musk’s close involvement in Trump’s campaign, and the likelihood that the entrepreneur could play a key role in a new Trump administration.
Trump had previously suggested that he would create a committee on government efficiency with Musk at the helm, with Musk himself apparently pre-naming it the ‘Department of Government Efficiency (D.O.G.E.).’
This alone has been enough to propel the Dogecoin price higher, with the meme token outperforming all but two other top-100 coins (Raydium and WhiteBIT Coin) over the past month.
It’s chart today also looks very good, with its relative strength index (purple) hitting 70 this morning.
Source: TradingView
Even more bullishly, DOGE’s 30-period moving average (orange) has just formed a golden cross with the 200-period average (blue), signalling an incoming breakout.
Assuming that Trump wins today, Dogecoin may nonetheless experience a brief ‘sell-the-news’ correction, with some whales sending DOGE to exchanges to capitalize on a pump.
Yet it’s likely to bounce back quickly, potentially going on a run for the rest of the month.
On the other hand, a Harris victory is likely to hit Dogecoin harder than any other top-100 coin, given how much it has benefitted from Musk’s association with Trump.
As such, a Trump win could push it to $0.2 in a matter of weeks, while a Harris win will drag it down closer to $0.1.
Deflect Downside with Presale Tokens
Because DOGE will take a big hit in the event of a Harris win, many traders may feel safer by diversifying into alternatives, particularly newer coins that are likely to rally regardless of the occupant of the White House.
This should include presale coins, which often use the momentum generated during their sales to rally strongly when they list on exchanges for the first time.
One coin with a good chance of doing this is Flockerz (FLOCK), an ERC-20 token that has already raised over $1.2 million in its presale, which it opened last month.
A very rare example of a vote-to-earn token, Flockerz will reward holders for participating in governance votes.
This could make Flockerz very lucrative for participants, given that its community will vote on every decision and change regarding the project’s development.
Holders will also be able to stake the coin, earning a staking income on top of and voting rewards.
Demand for FLOCK could therefore be big, with the coin having a max supply of 12 billion.
25% of this supply will go to staking, 25% to governance rewards, and also 20% for its sale, making the coin appreciably decentralized.
Investors can join its sale by visiting its official website and connecting their crypto wallets, such as MetaMask and Wallet Connect.
Participants can currently buy FLOCK at a price of $0.0059334, although this will rise again in just under a day.
The sale will have 50 stages in total, so FLOCK’s price will witness a few more increases before it hits exchanges.
Buy FLOCK Now
The post Dogecoin Set to Soar? Musk’s Trump Support Fuels DOGE Price Targets for Election Day appeared first on Cryptonews.
