While the general uptrend started earlier, Dogecoin (DOGE) entered a massive rally on November 6, 2024, when former President Donald Trump became president-elect again.
Specifically, the original meme coin was priced at about $0.1807 on Wednesday and has rocketed 60.32% since to DOGE price today of $0.2897. Overall, the cryptocurrency is up 159.08% in the last 30 days and 84.37% in the last 7.
Furthermore, the latest 24 hours in the cryptocurrency market demonstrate the Dogecoin rally is far from over, as the popular token is up 21.94% within the time frame.
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The great Dogecoin rally can be attributed to several parallel narratives. To begin with, Donald Trump’s victory in the presidential election triggered a broad stock market and cryptocurrency rally.
Dogecoin rises with the stock and crypto market Trump victory rally
The S&P 500 is up 4.72% in the last week of trading and is a mere 5 points away from hitting the long-expected 6,000, while the cryptocurrency market has added nearly $500 billion to its market capitalization since November 6.
While Bitcoin (BTC) and Ethereum (ETH) have been taking the bulk of the attention – Bitcoin has breached multiple all-time highs in quick succession with the latest seeing it above $82,000 – altcoins and meme coins have also been doing exceptionally well.
The last 7 days have seen Cardano (ADA) rocket 78.41% by press time – both at the back of the broader upsurge and on news such as the possible integration with Bitcoin – and meme coins such as Shiba Inu (SHIB) and Pepe (PEPE) are up 53.09% and 50.76% respectively.
Much of the surge is driven by general enthusiasm about a Trump economy, but it is also closely linked to expectations that the Republican administration will reshape the major regulators. Many are bullish on the firing of the Security and Exchange Commission (SEC) Chair, Gary Gensler.
For a long time, Gensler has been seen as a major opponent of digital assets, as his industry has been engaged in a crackdown against various projects, exchanges, and other companies and it is widely believed his removal will lead to greater regulatory clarity and, by extension, greater legitimacy and adoption for the industry.
The SEC has also been accused of shifting gear once the ‘crypto winter’ of 2022 started and, thus, guilty of not sufficiently protecting investors by investigating corrupt projects such as FTX.
Still, it is worth pointing out that some the agency’s most prominent critics – Representative Tom Emmer being the first to come to mind – were against the watchdog’s probes into the industry and changed their tune only once the crash began.
Why DOGE may be the biggest beneficiary of the upsurge
The ongoing uptrend also has some more Dogecoin-specific drivers. With an appearance at the second Trump rally in Butler, Pennsylvania, Elon Musk had officially forged a political alliance and vastly improved the odds of the billionaire getting a spot in the incoming administration.
Such a development is of particular importance for DOGE as, on the one hand, Musk has a long and storied history with the meme coin and once even briefly changed the logo of his social media platform X into an image of a Shiba Inu and, on the other, is rumored to be at the helm of the yet-to-be-formed Department of Government Efficiency: D.O.G.E.
Featured image via Shutterstock
