The DOGE price surged 9% in the past 24 hours, reaching $0.1343, while the overall cryptocurrency market declined by 0.5% today. The main reason for Dogecoin’s strong performance is its connection to Donald Trump’s election campaign, increasingly linked with Elon Musk, a well-known DOGE supporter.
Reports surfaced this week that Musk has donated approximately $75 million to Trump’s campaign. Musk has previously bolstered DOGE through comments about a ‘Department of Government Efficiency’ (D.O.G.E.). Musk’s mention of D.O.G.E. during a recent America PAC Town Hall event led to a rally in DOGE, propelling it to further gains over the weekend.
DOGE Price Analysis for October 18: Insights for Investors
Two significant developments have spurred interest: Trump has publicly stated that if elected, he would appoint Musk to lead a “government efficiency commission.” Musk has embraced this news, associating it with DOGE, starting with a tweet on September 7 introducing the ‘Department of Government Efficiency.’
Musk has reiterated this concept, even addressing a question from a government employee about it during a PAC meeting. He envisions D.O.G.E. as a way to incentivize government productivity, criticizing ineffective disaster responses with no accountability.
How this relates to Dogecoin is uncertain, but D.O.G.E.’s frequent mentions in the news have evidently boosted DOGE’s price. The cryptocurrency is up 25% in a week and 32% in a month, with a 130% increase over the past year. With the upcoming election, DOGE may continue to rise, particularly if Trump wins, although short-term fluctuations are possible.
The relative strength index remains strong, suggesting ongoing momentum. DOGE could reach $0.14 over the weekend, with potential growth to $0.20 approaching the election. However, a Trump loss could negatively impact Dogecoin, prompting investors to diversify their portfolios with promising new coins, such as presale tokens.
One notable presale token is Flockerz (FLOCK), an ERC-20 token that has raised over $800,000 in its sale. As a vote-to-earn token, Flockerz rewards holders for participating in governance votes, which could be lucrative. Holders can also stake the coin, earning additional income. With a maximum supply of 12 billion, FLOCK is designed to be decentralized. Interested investors can participate in the sale at the current price of $0.005793, with the price set to increase soon.
Incorporating these new tokens into portfolios may offer potential benefits alongside traditional holdings.
