Dogecoin Soars to New Monthly Highs as Donald Trump Wins 2024 Presidential Election

A Benzinga poll asks readers to pick which Musk-linked company could have the biggest impact on the meme coin's future.

As Donald Trump wins the 2024 presidential election, Dogecoin (CRYPTO: DOGE) is seeing new life with a 12% increase over the last 24 hours, reaching $0.1933.

A recent Benzinga poll asked readers to pick which Musk-linked company could have the biggest impact on Dogecoin's future.

Here's what they chose.

What Happened: Dogecoin, up 12% to $0.1933 over the last 24 hours, is seeing increased activity likely related to the 2024 election and Musk’s mentioning the Department Of Government Efficiency, or D.O.G.E. for short, on Joe Rogan‘s podcast.

Dogecoin was one of the most traded cryptocurrencies Tuesday night and Wednesday morning on Robinhood as investors awaited the 2024 presidential election results, the company said.

Musk is expected to join the incoming Trump administration. In this role, Musk would seek to cut government inefficiencies and unnecessary departments, a role labeled under the D.O.G.E.

"Which Elon Musk company could have the biggest impact on Dogecoin's future?" Benzinga recently asked its readers.

The results were:

The poll found social media company X, formerly known as Twitter, to be the winner with 39% of the vote. The company was bought by Musk for $44 billion in 2022. The billionaire plans on making X part of his everything app ambitions, which will include payments.

Dogecoin has spiked several times related to Musk's purchase of Twitter, changing the logo from a bird to the Dogecoin mascot, and news of more payment licenses secured. Having Dogecoin as one of several payment options for X users could provide a boost to the price and use cases of the meme cryptocurrency.

Tesla has allowed users to buy merchandise with Dogecoin in the past and could be making it easier for crypto payments again in the future.

SpaceX and Dogecoin will forever be linked thanks to the DOGE-1 satellite mission to space funded by the cryptocurrency. Musk has also agreed with a user that Dogecoin could be used as a payment option for Starlink users in Brazil to get around frozen bank accounts.

The Boring Company has allowed users to pay for rides with Dogecoin and supported the meme cryptocurrency.

See More: Dogecoin Jumps On Election Day: Poll Asks If Trump Or Harris Victory Will Spark 2025 Rally

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What's Next: Dogecoin has been highly volatile around the 2024 election and time will tell if the increased price and interest continue or the meme cryptocurrency sells off after the week.

Dogecoin has traded between $0.1658 and $0.2133 over the last 24-hours, setting new monthly highs late Tuesday night as Trump was leading in the 2024 presidential election.

Over the past year, Dogecoin has traded between $0.07028 and $0.2266. The cryptocurrency hit an all-time high of $0.7376.

Dogecoin's all-time high and strong 2021 year was likely helped by Musk's posts on social media and public comments, including an appearance on "Saturday Night Live."

Musk being friends with Trump and a part of the new administration could increase visibility for Dogecoin and any tie-ins with Musk companies could help the price soar once again.

The study was conducted by Benzinga from Nov. 4 through Nov. 5, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 97 adults.