Dogecoin Soars as US Elections & Musk’s Support Fuels “Meme Coin Boom”

The meme coin industry, led by Dogecoin (DOGE), will significantly benefit in the coming months catalyzed by the campaigns in the United States. The emergence of PolitiFi meme coins has increased the rate of web3 adoption in the recent past.

Dogecoin, a large-cap altcoin with a fully diluted valuation of approximately $20 billion and a daily trading volume around $1.3 billion, boasts over 7.3 million holders. Despite the influx of new meme coins, Dogecoin remains the leader in this niche market.

Why Investors Flock to Dogecoin?

The approval of spot Ether ETFs in the United States has been a major turning point for the mainstream adoption of digital assets and web3 projects. According to on-chain data analysis provided by Santiment, Dogecoin whales have been accumulating more coins in anticipation of the inevitable altseason.

The fact that tech billionaire Elon Musk has remained loyal to the Dogecoin community, is enough evidence that X platform will integrate with the meme lord. Moreover, Dogecoin is already used as a means of payment by Tesla and SpaceX. Notably, the X platform has already secured 34 money transmitter licenses.

Musk has stated that Dogecoin is the ultimate payment choice as the U.S. dollar continues to devalue due to constant printing.

Midterm DOGE Price Expectations

The PoW-secured meme coin surged over 23 percent in the past two weeks to trade around 13 cents on Tuesday. From a. Technical standpoint, DOGE’s price is on the cusp of a major bullish uproar towards its all-time high.

Several crypto analysts, including Rekt Capital, assert that Dogecoin has successfully retested its macro bullish breakout and is in the early stages of a major uptrend.

Also Check Out: What’s Next For Top Memecoins As Bitcoin Price Hit $68K?

Is Dogecoin ready to take off? Let us know your take.