What In The World Is Going On With Dogecoin?

Following Donald Trump's 2024 presidential win last week, Dogecoin DOGE/USD has surged 159% to 41 cents since election day, spurred by market anticipation of a more favorable crypto environment and a new all-time high for Bitcoin.

With the Republican Party's regained Senate majority, investors foresee a pro-crypto shift in U.S. economic policy, encompassing corporate tax cuts, high tariffs and an assertive stance on inflation—factors that could heavily impact growth in both traditional and digital assets.

Dogecoin, originally created as a joke in 2013, has grown into one of the most popular meme-based cryptocurrencies, valued for its fast transaction speeds and engaged community.

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Unlike Bitcoin, Dogecoin has an unlimited supply, which keeps its price low and draws in retail investors looking for accessible entry points into the crypto market. Its lighthearted, community-driven ethos has helped it maintain strong retail appeal, even as broader crypto markets fluctuate.

Trump's campaign messaging included support for a U.S. crypto economy, fueling excitement for assets like Dogecoin, which benefit from speculative interest and market liquidity. As inflation concerns rise under Trump's proposed high tariffs, many investors view cryptocurrencies as hedges against potential declines in dollar value.

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What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.