Dogecoin, the most famous so-called memecoin, related to Elon Musk (and Donald Trump) gains today more than 8% ahead of US presidential election results. Speculators expect that Trump win may support sentiments across so-called altcoins' industry (and also memecoins) as well as Bitcoin.
- On the other hand, Kamala Harris win would probably pressure Dogecoin price. DOGE risen almost 25% during recent 7 days vs 12% increase in Bitcoin price. From the last month, price increased by more than 50%.
- Dogecoin investors hope that Elon Musk will rule US DOGE Department (Department of Government Efficiency), where Musk may be the head in the case of Donald Trump’s victory.
- In October Musk tweeted that 'D.O.G.E will fix it' which pumped the Dogecoin price, on a wave of rising speculation among US elections as well as potential Musk's new role in the US government.
- Despite Bitcoin fall from $73,5k to almost $68k, Dogecoin didn't stop and is now traded near recent local highs. Rising above 0.169-0.17 USD resistance zone may fuel growth to 0.185 USD where we can see 23.6 retracement of the recent downward impulse.
Source: xStation5
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