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Dogecoin Rallies as Trump Proposes Cabinet Role for Elon Musk

Market Musing-g

Dogecoin Rallies as Trump Proposes Cabinet Role for Elon Musk

7 months ago

•

3 mins read

Dogecoin Rallies as Trump Proposes Cabinet Role for Elon Musk

Can DOGE Sustain This?

Dogecoin surges after Trump offers Musk a cabinet role.
Polymarket traders react to Kamala Harris’s fluctuating election odds.

The U.S. presidential campaign this year has turned into a dramatic spectacle, with significant implications for global markets. As President Biden steps down, Vice President Kamala Harris has stepped in, facing a formidable challenge from Donald Trump, who is running an aggressive campaign. Interestingly, cryptocurrency has emerged as a central issue in the race. Trump has garnered substantial support from the crypto community, while Harris faces skepticism due to the Biden administration’s contentious relationship with cryptocurrency.

In a surprising development, Elon Musk, CEO of Tesla and a known Trump supporter, received an offer from Trump for a cabinet or advisory role if elected. The Dogecoin community humorously suggested that Musk would head the “Department Of Government Efficiency (DOGE).” Musk embraced the joke, retweeting it with the comment “perfect name” and even shared an image of himself as a politician with that title.

I am willing to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024

Notably, this playful interaction had a noticeable impact on Dogecoin (DOGE), which surged by 6% in the past 24 hours, with trading volume up 43%. However, DOGE has seen a 17.16% decline over the past 30 days.

Meanwhile, Polymarket traders were active over the weekend, focusing on the 2024 U.S. presidential election. Shares representing Kamala Harris’s chances of winning dropped by nearly 8 percentage points. It led to a brief tie with Trump before she regained a 4-point lead by Monday morning. Some analysts suggest that Trump’s continued buoyancy might be due to traders still operating under the assumption that President Biden would be the Democratic nominee, rather than Harris.

Can DOGE Sustain This?

Looking ahead, Dogecoin’s recent is in bullish momentum, with the 9-day EMA at $0.10293. The bulls could push its price to $0.11161 or $0.11873 if the trend continues.

However, if bearish trends persist, DOGE may retrace to $0.0956 or potentially drop as low as $0.0827. The coming days will be crucial in determining whether DOGE can maintain its upward momentum. It is volatile amidst the ongoing market and political drama.