Dogecoin and Shiba Inu Surge Amid Elon Musk Buzz
- Dogecoin and Shiba Inu cryptocurrencies have experienced significant price increases, with Dogecoin rising by 11.2% and Shiba Inu by 5.2%.
- Analysts speculate that a potential Trump victory could positively influence meme coins, particularly Dogecoin, and lead to the establishment of a Dogecoin ETF.
- The recent surge in these cryptocurrencies highlights the growing interest in meme coins and their potential impact on the digital asset market.
In the United States, Dogecoin and Shiba Inu cryptocurrencies have seen significant price increases, with Dogecoin rising by 11.2% and Shiba Inu by 5.2% over the past 24 hours. This surge is largely attributed to social media discussions surrounding Elon Musk's potential involvement in a new Department of Government Efficiency (D.O.G.E) under a future Trump administration. Analysts speculate that a Trump victory could positively impact meme coins, particularly Dogecoin, as it may lead to the establishment of a Dogecoin ETF and keep the cryptocurrency in the public eye. Additionally, there has been a notable increase in large transactions for Dogecoin, while Shiba Inu has experienced a decrease in large transaction volume but an increase in daily active addresses. The community is also engaged, with discussions about the possibility of using Dogecoin for purchases in the future, as highlighted by a recent easter egg in a Tesla presentation. The upcoming Benzinga event on November 19 will further explore the influence of meme coins in the digital asset landscape.