Dogecoin (DOGE) Shows 12% Rally Amid Elon Musk’s Support in Donald Trump Rally

The current rally activities in the USA, influenced by Elon Musk, are acting as a catalyst to drive up the trade price of Dogecoin (DOGE) sharply.

In the last 24 hours, Dogecoin (DOGE) rallied ahead of all meme tokens after a tangential mention during Donald Trump’s rally. DOGE rose above $0.16 following a mention of the Department of Government Efficiency. Dogecoin may be the oldest meme asset, but it’s showing behavior similar to a hot PolitiFi token. After Donald Trump’s rally at Madison Square Garden, DOGE climbed after a tangential mention of the Department of Government Security.

Some experts believe Elon Musk has the potential to popularise DOGE even further via this rally. Due to Musk’s involvement, Dogecoin’s price surged sharply. The current trade price of Dogecoin is $0.1612, which is 12% higher over the last 24-hour period.

In the past few days, DOGE traded in a range between $0.08 and $0.12. The recent rally has sparked hope for renewed demand similar to riskier meme tokens, with some predictions suggesting DOGE may try to move close to $1. Crypto trading experts believe DOGE’s short-term target is $0.2, potentially extending gains as the US Presidential election season continues.

DOGE has reacted to Musk’s social media influence, and recently it rose alongside Bitcoin (BTC) while other assets lagged.

Dogecoin Blockchain & Programming Features

Currently, DOGE remains a simple cryptocurrency. However, the Dogebox project aims to introduce programmability, turning DOGE into an app platform. Dogebox will bring a voting platform, app-building, and add e-commerce opportunities. Discussions are ongoing to transform DOGE into a proof-of-stake token, though its current Layer 1 structure differentiates it from other meme tokens.

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