Dogecoin Edges Past Bitcoin in 2024: How Trump Victory and Musk Alliance Are Powering Its Rally
2024-11-06

As of November 6, 2024, at 11:05 a.m. UTC, Dogecoin’s year-to-date performance is outpacing that of Bitcoin. According to CoinDesk Indices, Bitcoin BTCUSDT is currently trading at $74,790, showing gains of 7.7% in the past 24 hours, 22.64% over the past month, and 77.34% year-to-date (YTD). Meanwhile, Dogecoin DOGEUSDT is trading at $0.2040, with impressive gains of 22.06% in the past 24 hours, 91.59% over the past month, and 109.91% YTD.
The surge comes as major news outlets, including CNN, have unofficially confirmed their projections that Donald Trump has won the 2024 U.S. presidential election. According to CNN’s reporting, Trump’s projected victory in the battleground state of Wisconsin pushed him over the required threshold, securing 276 electoral votes, though vote counting continues in some key states.
Trump’s victory follows months of increasingly crypto-friendly positioning, most notably highlighted by his appearance at the Bitcoin 2024 conference in Nashville on July 27. 
During his highly-anticipated speech, Trump made several remarkable statements about cryptocurrency, declaring that there has never been anything like Bitcoin, characterizing it not just as a technological marvel but as a miracle of cooperation and human achievement. He boldly predicted that Bitcoin would likely surpass gold’s market capitalization and outlined his vision for making the United States the world’s Bitcoin superpower by ensuring all Bitcoin mining occurs within U.S. borders.
The former president’s speech also emphasized the right to self-custody of cryptoassets and included a direct pledge to fire current SEC Chair Gary Gensler on his first day back in office. Trump promised that future crypto regulations would come from individuals committed to the industry’s growth and announced plans to create a regulatory framework for dollar-backed stablecoins to strengthen the U.S. dollar. 
He argued that Bitcoin isn’t threatening the dollar; rather, the current U.S. government’s behavior poses the real threat. The speech concluded with claims about the U.S. government’s significant Bitcoin holdings and a commitment to maintain and expand these holdings in the future.
Since that July speech, Trump and his family have become increasingly active in promoting cryptocurrency across social media platforms, including X (formerly Twitter) and Truth Social. A significant development came on September 16 with the launch of World Liberty Financial, a cryptocurrency project associated with Trump. 
The launch was announced by Trump himself in a video posted on X, where he invited the public to participate in a live platform session marking the occasion. The project, which aims to revolutionize decentralized finance, features a nontransferable governance token called WLFI, built on the Aave platform and Ethereum blockchain.
While Trump hasn’t directly endorsed Dogecoin, his recent social media activity continues to demonstrate strong support for cryptocurrency in general. 
The crypto community’s optimism extends beyond Bitcoin, with widespread expectations that Trump will follow through on his promise to replace SEC Chair Gary Gensler with a more crypto-friendly regulator – a move that could benefit Dogecoin and other altcoins that haven’t received explicit regulatory approval.
Dogecoin’s journey began on 6 December 2013, when it was released as a “fun and friendly internet currency” by creators Billy Markus and Jackson Palmer. This decentralized, peer-to-peer digital currency, featuring the Shiba Inu dog breed as its mascot, has seen its popularity soar in recent years, largely due to vocal support from billionaires Elon Musk and Mark Cuban, the latter known for owning the Dallas Mavericks and appearing on “Shark Tank.” This support has helped propel Dogecoin to become the eighth most valuable cryptocurrency, commanding a market cap of over $29.63 billion.
Though DOGE remains well below its all-time high of $0.7316, reached on 8 May 2021, Musk’s prominent support for Trump’s presidential campaign has ignited fresh optimism within the Dogecoin community about potentially reaching and exceeding the $1 milestone.
Musk’s connection to Dogecoin dates back to April 2019, when he first expressed his admiration for the cryptocurrency on Twitter, calling it his favorite. As CEO of Tesla and SpaceX, as well as the primary owner and leader of X, Musk’s influence on the cryptocurrency has been substantial.
The potential for a Trump-Musk alliance has caught the attention of market analysts. On 4 November 2024, Justin Spittler, Chief Trader at RiskHedge, posed a thought-provoking question on X: 
“Serious question… Is DOGEUSDT the ultimate Trump Victory trade?“
Earlier today, on November 6, crypto analyst Ali Martinez posted an extremely bullish prediction on X, suggesting that with Musk now influencing the 47th President, Dogecoin could be primed for a dramatic surge. Martinez noted that in past bull cycles, once DOGE broke the 0.50 Fibonacci retracement level, it often rallied to the 1.618 or even 2.272 Fibonacci levels, potentially pushing the price to between $4 and $23.
A particularly notable development emerged in a Forbes article published on November 2. According to the article, Howard Lutnick, the chief executive of Wall Street giant Cantor Fitzgerald and head of Republican candidate Donald Trump’s transition team, told investor and YouTuber Anthony Pompliano: 
“I met with Elon and we spent two hours together and and I told him we were going to create the department Doge [Department Of Government Efficiency].” Per the Forbes article, Lutnick, who claims to have hundreds of millions of dollars worth of exposure to Bitcoin, went on to outline ambitious plans: 
“We’re going to rip the waste out of our $6.5 trillion budget and we are going to then balance the budget … we have offices we don’t use, we have procurement waste at vast scale and I mean vast scale,” adding “someone has to have the guts to do it.“
Although the comment about “Department of Doge” seems light-hearted and nobody is really expecting DOGE to play any kind of role in the U.S. government, it seems plausible that Trump could reward Musk’s loyalty and support in some way, which is likely to generate even more publicity for Musk and his companies, which could all help to drive further the narrative that Musk is good for Dogecoin and that one day in the future he could reward DOGE supporters by finding a role for the popular meme-based cryptocurrency as a form of payment within the X platform.