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Bitcoin Today 11/05/2024: BTC remains stable and Elon Musk makes DOGE rise 7.5%
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Still in “waiting” mode for the election results, Bitcoin (BTC) remains quoted in the region of US$68,600. According to CoinGecko, the cryptocurrency opened Tuesday (05) with a slight drop of 0.1%.
In terms of results, the Top 10 opened mostly down, with the biggest negative highlight being the 2.1% drop in Tron (TRX). Ether (ETH) registered a drop of 1.2% and its price opened the day at US$2,434.
But in the Top 100, memecoins stood out in the positive field: MOG increased in value by 12% and had the biggest increase of the day, while BONK increased by 5.1%. The leader Dogecoin (DOGE) suffered yet another “Musk effect”, after the founder of Tesla gave a speech on Monday (04) and made the memecoin rise 7.5%.
It all started with speculation that Elon Musk would participate in a possible second term for Donald Trump if the Republican candidate wins the election.
New “DOGE” made memecoin soar
Musk would have his own department, the Department of Government Efficiency, which he has already spoken about in previous speeches. The English name of the supposed position is Department of Governmental Efficiency, and that is what caused the price of DOGE to rise.
After all, the name of the supposed department has the acronym DOGE, which is the same code as Dogecoin. Therefore, many saw this as a tribute to Musk’s favorite memecoin, contributing to the rise in price.
In recent days, Musk has stepped up his support for Donald Trump and revealed his concerns about the size and inefficiency of the federal bureaucracy. The speech may sound like a way of trying to make the existence of DOGE (the department) become a reality.
After much waiting, the American elections will take place this Tuesday (05), which is the official voting day. But according to data from the USA, around 80 million voters have already voted in advance in the country.
Due to the American electoral system, polls show uncertainty regarding the definition of the winner. The numbers show that current vice president Kamala Harris could win the popular vote, but that Trump wins the election in the electoral college.
The Republican’s victory is seen favorably by the market after Trump started to defend more freedom for cryptocurrency companies. According to Bitget analyst Fernando Pereira, Bitcoin is already preparing to record new highs after the election.
Bitcoin Today 11/05/2024: BTC remains stable and Elon Musk makes DOGE rise 7.5%
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Bitcoin Today 11/05/2024: BTC remains stable and Elon Musk makes DOGE rise 7.5%
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Bitcoin Today 11/05/2024: BTC remains stable and Elon Musk makes DOGE rise 7.5%
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Bitcoin Today 11/05/2024: BTC remains stable and Elon Musk makes DOGE rise 7.5%
