3 Cryptos Rally As Trump Wins Elections: BTC, DOGE, SHIB
- Republican candidate Donald J. Trump, endorsed by Elon Musk, won against Kamala Harris and will lead from the White House.
- Bitcoin’s market volume soared by 160%, indicating renewed investor interest.
- Dogecoin and Shiba Inu saw significant price surges. DOGE jumped by 40% and SHIB by 20%, driven by Elon Musk’s endorsements.
The cryptocurrency market experienced a significant rally as the U.S. elected its 47th president on November 6th. The presidential election had been a trending topic for months, generating 111K posts on X.
Following the election, the focus shifted to Donald J. Trump, who garnered 680K posts on X. This made him the top trending topic.
Republican candidate Donald J. Trump, heavily endorsed by Elon Musk, won against Kamala Harris. He will now lead the nation from the White House. Many had anticipated Trump’s victory, with some betting markets predicting his win online.
This political shift has positively impacted flagship cryptocurrencies like Bitcoin, Dogecoin, and Shiba Inu. These coins have seen remarkable gains. Bitcoin’s performance, in particular, aligns with historical trends during significant political events.
Bitcoin Price Advancement Follows Historical Path
As per market data, Bitcoin’s price surged from $67,500 on Election Day to over $75,400. However, the BTC price was trading at $73,569 due to abrupt volatility, marking a 9.48% increase.
The coin’s market volume soared by 160% to $100.84 Billion. That indicated renewed investor interest in the leading digital currency.
Bitcoin’s bullish performance has historically aligned with U.S. presidential elections. Each election has seen Bitcoin surpass its previous all-time high (ATH), and this trend continues. This pattern underscored the adage that history often repeats itself.
During his campaign, former President Donald Trump adopted a pro-crypto stance. He has pledged to end Kamala Harris’ perceived “war on Bitcoin” if elected. This position gave him a significant advantage over other candidates in the 2024 U.S. elections.
Trump also promised to dismiss U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. This has fueled bullish sentiments among crypto investors.
Eric Balchunas, a Bloomberg ETF analyst, previously suggested that the election could influence Bitcoin’s price direction. His prediction appears accurate, as Bitcoin’s price has continuously progressed.
Shiba Inu and Dogecoin Ride on Musk’s Endorsements for Trump
DOGE and SHIB, the top memecoins, saw significant price surges on Election Day. Dogecoin price jumped by 40% to $0.2193. On the other hand, the SHIB price rose by 20% to $0.0000198. Their market volumes also spiked, with DOGE increasing by 250% and SHIB by 200%.
Leading up to Election Day, Tesla CEO Elon Musk strongly supported Trump, posting pro-Trump messages on X. Musk’s known fondness for Dogecoin led to a substantial increase in DOGE’s price after he attended a Trump rally.
Elon Musk and Donald Trump have displayed a friendly relationship. Trump is even considering the creation of a “Department of Government Efficiency.” He has claimed that he will enhance government spending efficiency.
How Does a Pro-Crypto President Improve America?
Under Gary Gensler’s leadership, the SEC has faced challenges, leading to numerous industry litigations. The ongoing cases against Ripple Labs and Binance highlighted the need for clearer regulations. Many are hopeful for better regulatory clarity from the SEC.
Analysts suggested that a pro-crypto president could take executive action or advocate for favorable legislation. That would potentially allow the crypto industry to thrive. Such a president might swiftly approve the Financial Innovation and Technology for the 21st Century Act.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
