DOGE Price Analysis: Elon Musk Effect on Dogecoin
DOGE Price Analysis: Elon Musk Effect on Dogecoin
The DOGE price rose 10.42% to $0.1345 in the last 24 hours, while the crypto market gained 1.14% today.
The association of Donald Trump’s election campaign with DOGE fan Elon Musk has been effective in this rise of Dogecoin.
Earlier this week, it was revealed that Musk donated about $75 million to Trump’s campaign. Musk had previously used the name DOGE as ‘Department of Government Efficiency’.
Musk’s mention of D.O.G.E once again at an event he attended last night enabled the DOGE price to rise and gain enough momentum to continue this rise over the weekend.
18 October DOGE Price Analysis: What Traders Need to Know
Donald Trump said that if he wins the 5 November elections, he will appoint Musk to lead the ‘government efficiency commission’.
Elon Musk then started to associate this with DOGE, introducing the name ‘Department of Government Efficiency’ for the first time in a tweet he shared on 7 September.
Musk then frequently mentioned this phrase, even answering a government official’s question about the department in question during a PAC event.
He explained the D.O.G.E concept in terms of creating incentives within government and between government officials to work more productively.
Musk said, ‘What happens if you cannot respond to hurricane disasters and no one is dismissed in this situation? No one steps up,’ he said.
No one knows what Dogecoin’s connection to this is. However, the constant news of D.O.G.E has enabled the DOGE price to rise.
DOGE gained 23.82% in a week and 34.58% in a month. Dogecoin appreciated 129.95% on an annual basis.
On the other hand, there is a possibility that this rise will continue as the US presidential elections in November approach. Trump’s victory in the elections may also lead to the appreciation of the Dogecoin price.
Dogecoin has enough momentum to make it rise in the short term, but it may make a correction before rising again.
Dogecoin’s relative strength index (purple) has fallen to just below 70 after rising to nearly 80 in one day. This suggests that its momentum is still strong.
Therefore, it is thought that Dogecoin could see $ 0.14 over the weekend and $ 0.20 as the elections approach.
New Pre-Sale Tokens
Dogecoin could take a big hit if Trump loses the election. Therefore, investors should not rely only on a single coin.
Investors should also have newer coins in their portfolio. There are currently several promising pre-sale tokens.
One of the notable names among these is the ERC-20 token Flockerz (FLOCK), which received more than $ 800,000 in investment in its pre-sale that started recently.
Flockerz, a vote-to-win token, rewards investors for participating in management voting.
Given that every decision regarding the development of the coin will be put to a vote of the community, this can make Flockerz extremely efficient for participants.
In addition to voting rewards, investors will also have the opportunity to earn staking rewards by staking their coins.
Therefore, there may be a great demand for the FLOCK token. The maximum supply of the coin will be 12 billion.
Of this supply, 25% will be allocated to staking transactions, 25% to management rewards and 20% to pre-sales.
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