Dogecoin Begins US Elections Crypto Rally Amid Trump’s Election Lead

D for Dogecoin (DOGE). D for Donald Trump.

The top memecoin is the best-performing cryptocurrency on the day of the United States presidential election, rising by circa 13.50% in the last 24 hours to $0.170. In comparison, top-ranking coins Bitcoin (BTC) and Ethereum (ETH) dropped 0.57% and 2% in the same period.

Why is Dogecoin Outperforming Crypto Market on Election Day?

At least three indicators are responsible for the ongoing DOGE price boom, even though the crypto market is cautious ahead of the Donald Trump versus Kamala Harris standoff.

Elon Musk Mentions D.O.G.E. During Joe Rogan Podcast

DOGE is rising primarily due to billionaire investor Elon Musk.

The Tesla chief recently appeared in an interview with podcaster Joe Rogan, wherein he—again—discussed the purpose of the Department of Government Efficiency, his brainchild agency aimed at reducing excessive government spending to safeguard American taxpayers.

@elonmusk said $DOGE @ the 2:08:35 point of the joe rogan interview! Elon Musk just dropped a **$DOGE** bomb on the Joe Rogan Experience! 🚀🚀🚀 Is this a sign of things to come? 🤔 #Dogecoin #ElonMusk #Crypto #JoeRoganExperience pic.twitter.com/bsrkfRVeFJ

— GAMBIT (@collinsitaerial) November 5, 2024

The agency’s abbreviation is the same as Dogecoin’s official ticker, D.O.G.E., which typically excites speculators about the memecoin’s upside prospects. For instance, Musk’s D.O.G.E. mention during Trump’s Madison Square Gardens rally on Oct. 27 preceded a 30% increase in the Dogecoin market cap.

Pro-crypto Trump Gains Marginal Edge Versus Harris in Pre-Election Polls

Dogecoin traders have taken a bullish stance as Trump edges ahead of Harris in four of six key swing states, including Arizona and North Carolina.

Trump’s momentum is mirrored on crypto betting platform Polymarket, where he leads with over 60% odds of winning the 2024 presidential race, making him the favored candidate among online gamblers.

DOGE, known for its high volatility and strong community support, is seeing renewed interest from speculators who view a Trump victory as a potentially positive outcome for the crypto market.

Dogecoin Golden Cross is Boosting Upside Outlook

The daily chart for Dogecoin suggests the formation of a “golden cross,” a technical pattern where the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA.

Crypto traders view it as a strong buy signal, suggesting potential for further upside. For instance, the last time Dogecoin exhibited a golden cross in 2023, it led to a 50% price rally, raising similar expectations in the current setup.