Recently, on the day of the U.S. election, the price of DOGE reached a peak, hitting its highest point in nearly seven months. This phenomenon has not only attracted widespread attention from investors but has also prompted market analysts to reflect on the subtle relationship between the election cycle and cryptocurrency price fluctuations.
Trump's Winning Probability Rises to 79.5%, Leading in Electoral Votes
According to the latest data from Polymarket today (November 6), Trump's winning probability has increased by 19.4%, reaching 79.5%, while Harris's winning probability has dropped to 20.7%. Trump is leading by nearly 60 percentage points, reflecting the strong expectations of the betting market for Trump's victory.
Image source: Internet
Trump's proposed policies are seen as a relaxation of regulations on cryptocurrencies, contrasting with Harris's economic policies that would continue the Biden administration's approach, especially regarding regulatory measures on cryptocurrencies. A Trump victory would boost confidence in the crypto market, further driving up the prices of related tokens.
As of 11 PM local time (Eastern Time) on November 5 (12 PM Singapore Time on November 6), U.S. media has released predictions indicating that Trump has currently secured 214 electoral votes, while Harris has temporarily garnered 179 votes.
According to Google's presidential election results information, Harris is currently only leading Trump in two key swing states, Michigan and Arizona. Apart from Nevada, which has yet to start releasing data, Trump is leading in the other four swing states. It is expected that Harris will win California and Washington, while Trump will win Idaho.
DOGE and D.O.G.E
Since the birth of DOGE, it has been known for its unique cultural connotation and influence on social media. Initially considered a joke cryptocurrency, DOGE has carved out a place in the market. Its low transaction fees and fast transaction confirmations have attracted many users, even gaining support from public figures like Tesla founder Elon Musk. Therefore, whenever the market environment changes, DOGE's performance is always closely watched.
D.O.G.E. stands for the "Department of Government Efficiency," a theoretical government department proposed by Elon Musk during the election campaign supporting Trump. This concept is not just a coincidental abbreviation but symbolizes Musk's support and influence on cryptocurrencies, especially Dogecoin. This move is also seen by the market as one of the factors driving up Dogecoin's price.
As Musk continues to support Trump, when the expectation of Trump's winning probability rises, DOGE is likely to increase significantly due to the celebrity effect and speculative behavior from investors.
Today (November 6), DOGE has become one of the top 10 cryptocurrencies with the largest increase, breaking through previous highs due to Trump's significant lead over Harris in winning probability and electoral votes.
Image source: X
DOGE Breaks $0.21, Reaching a New High in Nearly Seven Months
According to AICoin market data, DOGE has achieved a 24-hour increase of 38.8%, breaking through a high of $0.219, marking its highest point since April, currently valued at $0.208 USDT. For more details, you can download the AICoin app at https://www.aicoin.com/download.
Image source: AICoin
Although the rise in DOGE's price presents investment opportunities, this volatility also comes with market risks. Rapid price increases and fluctuations can lead to market instability, especially when celebrity influence wanes or market sentiment shifts.
Conclusion
The significant surge in DOGE influenced by the election is not merely a simple price fluctuation; it indicates the sensitivity and responsiveness of the cryptocurrency market to major global political events. As the election results become clearer, the prices of DOGE and other cryptocurrencies may continue to be affected by political trends.
In the coming months, as new government policies are gradually implemented, the cryptocurrency market may face new challenges and opportunities. Regardless of the outcome, DOGE's price leap has provided us with important insights: in this ever-changing era, the connection between politics and the market is becoming increasingly close, and investors need to remain vigilant to navigate through the turbulent times.
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