- DOGE price rose 11% to hover near $0.17 as most coins flactuated lower.
- Analysts expect Dogecoin to explode amid a potential win for Donald Trump in the US election.
- QCP say Bitcoin is also largely a “Trump trade”
Dogecoin is trading more than 11% up in the past 24 hours. At the time of writing, DOGE leads all the top coins by market cap as the US Election Day rolls in on Nov. 5.
With crypto largely vouching for a Donald Trump win, analysts say prices will pump if he wins. However, the outlook is that with other factors in play, the next few months could see cryptocurrencies skyrocket regardless of whether it’s Kamala Harris that wins.
Crypto investors eye “Trump trade”
Dogecoin’s gains of 11% have the meme coin poised near $0.17, potentially looking at a head and shoulder pattern formation. If price retests key support, a nice bounce amid a Trump win will take DOGE past the year-to-date highs.
Crypto analyst Miles Deutscher sees DOGE as the “Trump proxy” token.
$BTC isn’t the best Trump proxy, $DOGE is.
— Miles Deutscher (@milesdeutscher) November 5, 2024
Currently, the meme coin is up 54% over the past month and 142% in the past year.
These gains for Dogecoin have come as Bitcoin (BTC) hovered near $68,700 following an intraday retest of lows of $66,800.
BTC slumped as news of a major token movement hit the market. Early Tuesday saw the market react to news that defunct crypto exchange Mt.Gox had transferred Bitcoin worth nearly $2.2 billion from its cold storage wallet to new addresses.
In previous instances this happened, bitcoin price has sunk amid anticipation of selling pressure from creditor repayments.
Commenting on the overall market outlook, QCP analysts wrote:
“The day has finally arrived. Across stocks, treasuries, and crypto, market anxiety is palpable ahead of what promises to be one of the closest U.S. presidential races in history. The “Trump trade”—encompassing long positions in the dollar, crypto, and bets on higher Treasury yields—has gained traction leading up to the election, buoyed by Trump’s lead in prediction markets. However, a Harris victory could potentially reverse these gains, triggering significant market swings overnight.”