Dogecoin Rallies as Trump Proposes Cabinet Role for Elon Musk
Release: 2024/08/20 22:39 Reading: 365
Dogecoin Gains Traction Amidst Trump's Cabinet Offer to Musk
Polymarket Traders Speculate on Harris's Presidential Chances
The 2024 U.S. presidential campaign has garnered widespread attention, with cryptocurrency emerging as a key topic. Donald Trump, a Republican candidate, has expressed support for the crypto community, while Kamala Harris, the incumbent Democratic vice president, faces scrutiny due to the Biden administration's stance on cryptocurrency.
In a notable development, Elon Musk, CEO of Tesla and a Trump supporter, received an offer from Trump for a cabinet or advisory role. This playful announcement sparked a surge in Dogecoin (DOGE), with a 6% increase in value over the past 24 hours.
Meanwhile, Polymarket traders were actively assessing Kamala Harris's chances of winning the Democratic nomination. Shares representing her victory declined by 8 percentage points, briefly tying with Trump before regaining a 4-point lead on Monday. Analysts suggest that Trump's continued support may be attributed to traders expecting Biden to be the Democratic nominee.
Dogecoin's Bullish Momentum
Dogecoin has maintained a bullish momentum, with its 9-day EMA at $0.10293. If the trend continues, the bulls may push its price to $0.11161 or $0.11873. However, persistent bearish trends could lead to a retracement to $0.0956 or potentially $0.0827.
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