Dogecoin’s price has recently increased by 11% and is currently hovering around $0.17. This rise is in contrast to the general downward trend in most cryptocurrencies. Analysts believe that Dogecoin’s value may further increase if Donald Trump wins the US presidential election, and they see Bitcoin as another “Trump trade” option.
Dogecoin’s gains are significant, with the coin up 54% in the past month and 142% in the past year. Dogecoin’s gains come as Bitcoin’s values have hovered around $68,700, following a dip due to news of a major token movement from the now-defunct crypto exchange Mt.Gox. It’s important to note that market sentiment is highly influenced by the outcome of the US presidential election, with a potential “Trump trade” involving long positions in the dollar, crypto, and bets on higher Treasury yields, potentially leading to significant market swings.
