largest memecoin dogecoin 
$0.199245 (DOGE) and other memecoins rose with the support of Elon Musk. DOGE, which gained more than 25 percent in value in the last 24 hours, has achieved an increase of over 65 percent in the last 30 days with this move, becoming one of the most profitable major altcoins in the market. Musk has continued his support for Dogecoin since 2021, with the aim of making government spending and financial planning in the US administration more efficient.Department of Government Efficiency” He suggested the establishment of an institution called (DOGE). This suggestion became even more remarkable with the election of Republican candidate Donald Trump as president for the second time in the US presidential elections.
Trump’s Victory Triggered Rise in DOGE
According to Fox News, the results were announced in early European hours. Donald Trump He became president of the United States again. Trump’s victory in the elections led to Bitcoin, especially Dogecoin, in the cryptocurrency market. 
$73,968 and pushed other altcoins upward.
Dogecoin futuresIn the last 24 hours, short positions worth more than 30 million dollars were liquidated. This shows that investors supported the rise because they closed their losing positions.
The amount of open interest in Dogecoin futures contracts was 7 billion coins on Monday and 8.3 billion as of today. coin rose to the level. This increase in open interest reflects the rapidly increasing market demand for Dogecoin and expectations that the rise in price will continue.
Other Memecoins Are Also Rising
Musk’s support only DOGE not for Ethereum 
$2,622 It was also effective for the based DOGE token. MemecoinWhile it gained 77 percent in value in the last 24 hours, it has increased by over 500 percent since the day it was first brought to attention. The optimistic atmosphere towards Dogecoin was also reflected in other dog-themed memecoins. Shiba Inu (SHIB), Floki (FLOKI) and bonk Memecoins like (BONK) also rose over 10 percent.
cryptocurrency analyst unipcsStating that Musk’s support for Trump and the ‘Department of Government Efficiency’ narrative were the determining factors in Trump’s victory, DOGE and Ethereum-based DOGE coins will reach higher values in the future. The analyst said, “The Musk effect has not yet been priced in for DOGE,” and is of the opinion that media interest will increase with this effect and DOGE will continue to gain value.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
