Dogecoin (DOGE) Rallies 8% Amidst U.S. Election Day, Elon Musk's 'D.O.G.E.' Proposal

Dogecoin has seen a notable rise over the past 14 days, gaining momentum after Donald Trump's event at Madison Square Garden on October 27

Dogecoin price rose on Wednesday, continuing a two-week rally that began after Donald Trump’s event at Madison Square Garden on Oct. 27, where he received public support from Elon Musk. Musk went on to propose that “D.O.G.E.” could save American taxpayers $2 trillion, piquing interest in the meme coin.

According to CoinGecko, Dogecoin saw a bumpy ride over the past 14 days, gaining momentum after Trump's event and gathering steam following Musk's appearance on the Joe Rogan podcast. However, DOGE encountered some resistance at the $0.18 level on Nov. 2. Despite the setback, the meme coin managed to gain an impressive 20.77%.

In contrast, other meme coins faced difficulties, with Shiba Inu (SHIB) dropping by 4.91%, Pepe (PEPE) decreasing by 8.77%, Bonk (BONK) declining by 10.50%, and WiFi (WIF) sliding by 13.70%.

Musk's recent comments on Joe Rogan's podcast may have also contributed to Dogecoin's surge. Speaking about the U.S. presidential election, Musk discussed creating a Department of Government Efficiency (D.O.G.E.) if Trump wins. He explained that this division would address issues within “the massive federal bureaucracy” and aim to reduce government spending, which he noted has increased in recent years.

“Our interest payments on national debt now exceed the Defense Department budget. America is on the path to bankruptcy,” Musk said.

Crypto analyst Mikybull highlighted that DOGE is on the verge of its first “golden cross” since late 2020, which could signal a potential bullish breakout. A golden cross occurs when a short-term average moves above a long-term average, usually signaling the start of an upward trend.

Analyst Crypto Zeinab suggested that DOGE might perform well if Trump wins the election. She noted that DOGE is holding around the $0.170 resistance level and that if it breaks through this point, she anticipates the coin could see a strong move up.

Dogecoin's upward movement also aligns with metrics like Total Value Locked (TVL) and liquidation activity. Since October, Dogecoin's TVL has increased by 22%, rising from $4.01 million to $4.91 million, which indicates heightened interest from investors. This rise in TVL shows that more traders are holding DOGE in anticipation of further price movements.

Another metric that provides valuable insight is liquidation activity. Interestingly, the data reveals a shift in trading behavior. More short contracts are being closed, which signals a bullish trend as investors bet on Dogecoin's potential to continue rising.

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