Meme cryptocurrency Dogecoin DOGE/USD has experienced a surge in trading volume and price activity leading up to the 2024 presidential election.
A Benzinga poll asks readers to choose whether a victory by Donald Trump or Kamala Harris in the election could have a more positive impact on Dogecoin in 2025.
What Happened: Dogecoin is up 12% to $0.1761 on Tuesday, with the meme cryptocurrency seeing increased activity likely related to the 2024 election and positive mentions of the Department of Government Efficiency, or D.O.G.E. for short, by Elon Musk.
Musk is expected to join the Trump administration if the former president wins the 2024 election. In this role, Musk would seek to cut government inefficiencies and unnecessary departments, a role labeled under the D.O.G.E.
The Tesla CEO and billionaire mentioned D.O.G.E. during his most recent appearance Monday on “The Joe Rogan Experience” podcast, which is likely contributing to Dogecoin’s strong movement on Tuesday.
“For Dogecoin’s future in 2025, who would be the better president: Kamala Harris or Donald Trump?” Benzinga recently asked.
The results were:
- Donald Trump: 72%
- Kamala Harris: 28%
The Benzinga poll found that respondents believe Trump would be more favorable for the future of Dogecoin, which may not come as a surprise given the former president’s reputation as a more pro-crypto leader.
Did You Know?
What’s Next: Trump, who previously spoke out against Bitcoin, reversed course and has appealed to cryptocurrency investors ahead of the 2024 election.
If Trump wins the 2024 election, cryptocurrency investors expect the price of Bitcoin BTC/USD and other cryptocurrencies to rise with a more crypto-friendly government in place and the likelihood that SEC Chair Gary Gensler will be replaced.
While Harris has not been as vocal on cryptocurrency as Trump, there is belief that she could look to advance the sector forward if she wins the election.
Either way, Dogecoin could see high volatility during the week as the 2024 election outcome is expected to take some time to make official.
With a price of $0.1761 on Tuesday, Dogecoin is nearing its one-month high of $0.1792.
Over the last 52 weeks, Dogecoin has traded between $0.07028 and $0.2266. Dogecoin hit all-time highs of $0.7376 back in May 2021.
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The study was conducted by Benzinga from Nov. 4 through Nov. 5, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 134 adults.
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