The dog-themed memecoin Dogecoin, a digital token frequently promoted by Elon Musk, a supporter of Donald Trump, has surged 150% this month amid market optimism following Trump’s return to the White House. Traders speculate that his administration could be favorable for the cryptocurrency industry.
So far in 2024, Dogecoin has risen about 354%, bolstered by Trump’s commitment to positioning the U.S. as a leader in the digital asset space, including a plan to create a strategic Bitcoin reserve.
The token was trading near $0.40 as of 12:10 pm but remains 43% below its all-time high of $0.74, reached in May 2021 after Musk’s appearance on Saturday Night Live.
Similarly, Bitcoin, the largest cryptocurrency, has climbed over 27% this month, reaching a record high of $89,800.
Bitcoin is up about 112% in 2024, benefiting from strong demand for U.S.-based exchange-traded funds and Federal Reserve interest rate cuts. This performance has outpaced returns on traditional assets like stocks and gold.
