Dogecoin price now linked to Trump’s 2024 US election faith

Dogecoin’s price action is now interlinked to the 2024 US election results, with Trump’s victory potentially in its favour. Tesla chief, Elon Musk, recently posted on X that he is willing to serve in the Trump cabinet in the DOGE department.

In a recent interview, Republican presidential candidate Donald Trump said he would “certainly” consider Elon Musk for a cabinet or advisory role. And with Trump’s victory odds on Polymarket now above the Democratic nominee Kamala Harris, Dogecoin’s price could be in focus.

Musk agrees to serve in the DOGE department

In a post on X, Tesla chief Elon Musk suggested that he is ready to serve in the Trump administration in the DOGE department. Musk explained that DOGE stands for Department of Government Efficiency in an AI-generated image.

I am willing to serve pic.twitter.com/BJhGbcA2e0

— Elon Musk (@elonmusk) August 20, 2024

The post comes in response to a recent Trump interview where the Republican nominee said he would “certainly” consider Musk for an advisory or cabinet role if he agrees.

Dogecoin’s performance in the last month has been muted. However, the meme coin recorded a slight gain on the daily charts on the back of Musk’s endorsement. Analysis by Galaxy Trading predicts that Doge is likely to rise, leading to a market uptrend.

IntoTheBlock data points to another bullish indicator. The total exchange netflows over 7 days, given by the difference between exchange inflows and outflows is at -$4.4 million. The metric could mean that investors are withdrawing more DOGE from exchanges than that is being deposited. This usually means that holders are moving their DOGE to private wallets, reducing the selling pressure. Potentially a positive for the meme coin’s price.

Trump’s winning odds improve on Polymarket

Donald Trump’s winning odds have improved as per Polymarket bets. Kamala Harris has maintained a lead for the last few weeks. However, Trump is now at 52% likelihood of winning the presidential elections in November, with Harris at 47%.

Elon Musk, dubbed ‘DogeFather,’ has backed the Republican candidate in the 2024 US elections. In an X poll, Musk asked people who they would vote for between Trump and Harris. The “unscientific poll” shows that 76.4% of respondents would vote for Trump, while 23.6% would vote for Kamala Harris. Nearly 3 million people have voted in the poll at press time.

Meanwhile, Dogecoin co-founder, Billy Markus, has publically opposed the Democratic plan to increase the tax rate on capital gains and unrealized gains of the rich. He noted, “I’m totally okay with taxing unrealized gains if i get refunded for my unrealized losses.”