Dogecoin DOGE/USD and Shiba Inu SHIB/USD are surging, with the former benefitting from social media chatter about Elon Musk heading a “D.O.G.E” department.
What Happened: Dogecoin, Shiba Inu and Dogecoin-themed cryptocurrencies have performed exceptionally well over the past 24 hours:
| Cryptocurrency | Price | Market cap | 24-hour trend | 7-day trend |
| Dogecoin | $0.1256 | $18.386B | +11.2% | +15.1% |
| Shiba Inu | $0.00001875 | $11.04B | +5.2% | +7.2% |
| Department Of Government Efficiency (D.O.G.E) | $0.026 | $25.68M | +122.4% | +152.4% |
Also Read: Dogecoin’s On-Chain Data, Chart Patterns Flash Bullish Signals: This Top Analyst Thinks It’s A ‘Buy’
Trader Notes: Crypto analysts are speculating on the potential impact of a Trump victory in the upcoming U.S. presidential election on certain cryptocurrencies, particularly those associated with the “DOGE” narrative.
Andrew Kang suggests that owning Dogecoin and other meme coins could be “one of the most interesting ways to express a ‘Trump Victory’ trade.” He points to the increased likelihood of a Dogecoin ETF and the potential creation of a Department of Government Efficiency (DOGE) under a Trump administration, which could keep the cryptocurrency in the headlines.
Supporting this view, analyst Unipcs highlights the recent performance of DOGE-related assets, stating, “it’s hard not to be bullish on both doges if you really think Trump is going to win.”
Statistics: IntoTheBlock data shows Dogecoin's large transaction volume increasing by 4.6% and daily active addresses falling by 1.5%. Transactions greater than $100,000 are up from 317 to 394 in a single day.
Shiba Inu's large transaction volume is down by 24.5% and daily active addresses are up by 17.2%. Shiba Inu has burned around 3 million SHIB coins from its ecosystem over the past 24 hours.
Community News: The official Dogecoin account picked up on a Shiba Inu-themed easter egg in Tesla’s Robotaxi presentation:
Dogecoin-themed account Doge Designer noted the same, wondering whether Musk would really allow purchases with Dogecoin in the future.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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