Every stock tied to Donald Trump, Elon Musk, and every key opinion leader supporting the Republican party is up. According to on-chain data, Dogecoin has flipped Ripple’s XRP to become the seventh-largest crypto by market cap. The upswing comes amid projections that Trump could win the 2024 United States presidential elections.
Dogecoin rallies behind Trump
Dogecoin’s (DOGE) spike began 2 weeks ago when Elon Musk responded to the Department of Government Efficiency (D.0.G.E) proposed arm of government. The Republican presidential candidate Donald Trump said he would establish a government efficiency commission headed by billionaire supporter Elon Musk if he wins the Nov. 5 election.
Trump had been discussing the idea of an efficiency commission with aides for weeks. This is also the first time Trump has said Musk has agreed to head the body. Trump did not detail how such a commission would operate. “I look forward to serving America if the opportunity arises,” the Tesla chief wrote on X on Thursday. “No pay, no title, no recognition is needed.”
As the election votes turn in, the odds are in favor of Trump, and that makes the possibility of a D.O.G.E arm of government a reality. Meanwhile, analysts are watching price levels closely, with technical indicators signaling potential resistance around $0.17 — a key area that could determine DOGE’s next move.
As of now, DOGE is the 7th leading crypto by market cap, coming below Bitcoin, Ethereum, Tether, Solana, BNB, and USDC. Dogecoin is now valued at $0.2091 today, up 28.9% in the last 24 hours. The value of DOGE today is 19.6% higher than it was 7 days ago.
On the other hand, XRP is up 5.4%, trading at $0.534. Dogecoin has a $30.6 billion market cap, while XRP’s market cap stands at %30.3 billion.
