30s Summary

Dogecoin (DOGE) has seen a significant increase of over 25% in the last 24 hours and over 65% in the past month, largely due to Elon Musk’s endorsement. Musk has suggested creating a DOGE-endorsed Department of Government Efficiency to improve government spending. Speculation regarding Donald Trump’s potential return as US president has also stirred the crypto market, enhancing the performance of Dogecoin, Bitcoin, and others. Trade in Dogecoin has been intense, and other dog-themed tokens like Shiba Inu, Floki, and Bonk indicate bullish sentiment for DOGE. There is also belief that Trump’s victory would greatly benefit the crypto industry because of his pro-crypto stance.

Full Article

Dogecoin (DOGE) is having a fantastic winning streak, thanks to Elon Musk’s endorsement. In the past 24 hours, it’s jumped over 25% and over the last 30 days, it’s seen gains of over 65%, making it the best-performing major cryptocurrency right now.

Elon Musk, a well-known supporter and promoter of Dogecoin since 2021, has been talking about setting up a DOGE-endorsed Department of Government Efficiency. This department aims to make government spendings and financial planning more efficient, an idea that’s part of the Republican campaign strategy.

In other news, it looks like Donald Trump’s return for a second term as U.S. president might become a reality. This has stirred the crypto market, with Dogecoin, bitcoin, and other cryptocurrencies climbing as Trump’s chances of winning increased in betting marketplaces.

Dogecoin trading has been quite intense, with over $30 million worth of short liquidations in the last 24 hours. Open interest, which means the number of unsettled futures bets on DOGE, has risen to 8.30 billion tokens, a brisk increase from 7 billion tokens on Monday.

Additionally, a mock version of DOGE on the Ethereum network has surged by 77% in the last 24 hours and a whopping 500% since it was first flagged as a ‘meme coin’ to watch. Other dog-themed tokens, like Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK), have climbed over 10%, indicating the bullish sentiment for DOGE and its clones.

One prominent trader, ‘unipcs,’ believes that Dogecoin and Bitcoin still have a lot of room to grow. He thinks that the media hype around Musk’s endorsement of Trump and the ‘Department of Government Efficiency’ narrative will drive the prices of both Dogecoin and the DOGE token much higher.

Many people in trading circles believe that Trump’s victory would be a huge boost for the crypto industry because of his pro-crypto stance and his promises to make the U.S. a bitcoin superpower. The rivals haven’t made similar promises, but they have talked about introducing regulations to protect certain groups.