Dogecoin (DOGE) Price Jumps Over 17% in Just Hours

Dogecoin (DOGE) is a cryptocurrency that was created in 2013 as a joke on Bitcoin, the world’s first crypto coin. The intellectual minds behind this coin were Billy Markus and Jackson Palmer. It is a peer-to-peer open-source crypto coin widely known as the “first meme coin” in the crypto world.

In the last 24 hours, the crypto world was on fire as the US Election commenced with various coins exploding including the highly famed BTC. The Dogecoin was one such coin that rose significantly in the market yesterday. With a price surge of 17%, the coin has managed to make huge profits for its numerous holders.

Dogecoin Current Market Standing

The DOGE is currently trading at $0.1988 in the crypto market. The DOGE coin was on a rally since the second half of October, but it was nothing compared to its rally yesterday. It was mainly due to the US Presidential Election, which concluded today with Trump being victorious. With a growth rate of over 75% this month, the DOGE is one of the top trending coins in the market, despite its status as a meme coin.

The total market capitalization of the coin stands at 29.14 billion. With a circulating supply of 146.68 billion, the coin’s trading volume has risen over 244.63% in the last 24 hours. The coin is now ranked #8 in the global market according to CoinMarketCap.

The US Election & Dogecoin Rise

As the US Presidential Election commenced, various cryptocurrencies in the market started to shoot up. This was all thanks to Donald Trump. In his rally, he proclaimed himself an active Bitcoin supporter and also claimed that he would launch his crypto platform once he gets nominated as the President.

It should also be noted that Trump is the first candidate in the US Election to accept donations in the form of crypto. This has greatly helped in solidifying his claims regarding cryptos. As the voting phase is over and Trump is victorious, we can expect the coin to surge for a short period. And, this is what is happening currently.

In the early stages of the Election when Trump’s lead was announced, the coin rose as high as $0.2 for a few hours. And when the election concluded and the results were announced, this hike came down as people started trading their DOGE coin for maximum profit. This will likely result in the coin losing its value. 

Dogecoin Future: What to Expect after the Dust settles

Now, that we looked into the election’s effect on the coin. Let’s see what happens afterward after all the dust settles and Trump assigns charge in the White House. For this, we have prepared a price prediction table for the coin that shows how it will fare in the coming years.

Note that the above-given price is affected by the changes in the crypto market trends and various other factors like geopolitical tensions and elections.

Conclusion

Ranked #8 by CoinMarketCap, Dogecoin is one of the top coins to explode in the market following the US Presidential election. And, now that Trump has been elected, we can expect various favorable decisions regarding crypto trading in the US. This will result in rapid growth in the crypto market as a whole in the US. So, the long-term potential of the coin is looking brighter than ever.

If you’re currently looking to buy the coin to gain a quick profit during these uncertain times, it might not be a good idea. Also, it could be better for you to invest after all the news regarding the election settles down. You also need to do thorough research on the market and its trends before proceeding with the investment.

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