The DOGE price has jumped by 9% in the past 24 hours, rising to $0.1343 as the cryptocurrency market dips by 0.5% today.
The primary reason for Dogecoin’s out-performance of the market is that the token is borrowing momentum from Donald Trump’s election campaign, which is becoming increasingly associated with perennial DOGE fan Elon Musk.
It emerged earlier this week that Musk has now donated around $75 million to the Trump campaign, with the entrepreneur previously boosting DOGE via several statements about a so-called ‘Department of Government Efficiency’ (D.O.G.E.).
And with Musk mentioning D.O.G.E. again last night during an America PAC Town Hall event, DOGE has dutifully rallied, gaining enough momentum to push it further over the weekend.
DOGE Price Analysis for October 18: What Investors Need to Know
Two things are going on here, with the first being that Donald Trump has actually gone on record as saying that, if he were to win on November 5, he would hire Musk to run a “government efficiency commission.”
The second is that Musk has run with this news and begun to associate it with DOGE, starting with a September 7 tweet which introduced the name ‘Department of Government Efficiency’ for the first time.
Musk has since repeated and doubled down on the term, even answering a question from a government employee about the department during a PAC meeting.
He explained his concept of D.O.G.E. in terms of creating incentives within government and among government employees to perform more productively.
He said, “If you had a failed response to hurricane disasters, and no one even gets fired, well, what do you expect? No one’s going to take action.”
How this actually fits in with Dogecoin is anyone’s guess, but the regular appearance of D.O.G.E. in the news has clearly had a galvanizing effect on the DOGE price.
It is now up by 25% in a week and by 32% in a month, with the alt also boasting a 130% gain in a year.
And it’s likely that it will continue seeing gains as we head towards November’s election, with a Trump victory potentially causing it to surge.
In the near term, it has enough momentum to rise a bit further today, although it could correct soon after, before rising again.
Its relative strength index (purple) remains at just below 70 after rising to almost 80 overnight, a sign that its momentum is still strong.
Source: TradingViewIt may therefore reach $0.14 over the weekend, before climbing to $0.20 as we near the election date.
Diversification with New Presale Tokens
The negative of all this is that, if Trump loses, Dogecoin may take a big hit, so traders certainly shouldn’t put all of their eggs in one basket.
Indeed, their portfolios should also include some allocation for newer coins, with various presale tokens showing lots of potential right now.
Possibly one of the most interesting is Flockerz (FLOCK), an ERC-20 token that has already raised over $800,000 in its recently launched sale.
A very rare example of a vote-to-earn token, Flockerz is to reward holders for participating in governance votes.
This could make Flockerz very lucrative for participants, given that every decision concerning the coin’s development will go to a community vote.
In fact, holders will also be able to stake the coin, earning a staking income on top of voting rewards.
Demand for FLOCK could therefore be big, with the coin having a max supply of 12 billion.
25% of this supply will go to staking, 25% to governance rewards, and also 20% for its sale, making the coin appreciably decentralized.
Investors can join its sale by visiting its official website, with the offering having 50 stages in total.
Participants can currently buy FLOCK at a price of $0.005793, although this will rise again in just under a day.
Interested parties should therefore act sooner or later, particularly if FLOCK ends up rallying once it lists on exchanges.
Join FLOCK Now
The post DOGE Price Analysis for October 18: What Investors Need to Know appeared first on Cryptonews.
