3 Cryptos Leading Market Rally: BTC, DOGE, SHIB

The cryptocurrency world has witnessed a sweeping market rally across different coins as the U.S. holds its presidential election. Flagship cryptos, Bitcoin, the first memecoin Dogecoin, and dog-themed Shiba Inu have become the leading coins with massive gains. The performance of these coins, particularly Bitcoin, follows historical patterns.

Bitcoin Price Spike Follows Historical Path

Bitcoin’s bullish performance has always coincided with the U.S. presidential election. Historically, Bitcoin has always flipped its all-time high (ATH) after every election, and it appears set to repeat the same. This time, the candidates on the ballot appear to be an added incentive for the coin to test a new ATH.

During the campaigns, former President Donald Trump adopted a pro-crypto stance and proclaimed support for the industry. He assured crypto investors he would end Kamala Harris’ war on Bitcoin if he emerged as president.

Election Effect on Cryptos

Eric Balchunas, a Bloomberg ETF analyst, believes the election could likely influence the direction of Bitcoin’s price. Although the outcome of the election remain unclear as of this writing, many in the sector remain optimistic that Bitcoin will soar more after the election, as it has in the past.

Shiba Inu and Dogecoin Ride on Musk’s Support for Trump

Dogecoin (DOGE) and Shiba Inu (SHIB), the two leading memecoins, also recorded massive price jumps on Election Day.

DOGE increased by 12.82% to $0.1766, while SHIB increased by 8.21% to $0.0000182. DOGE and SHIB market volumes spiked by 57.71% and 77.91%, respectively.

In the build-up to Election Day, Tesla CEO Elon Musk gave Trump massive support and posted pro-Trump messages on X. Given Musk’s affinity for Dogecoin, DOGE shot up by approximately 15% after he attended a Trump rally.

Could a Pro-Crypto President Sign Off on Crypto as a Legal Tender?

As Americans cast their ballots and await the declaration of the presidential election, the eventual winner will impact the industry.

Notably, stakeholders will look to see better regulatory clarity from the SEC. Under its Chair, Gary Gensler, this has remained elusive, resulting in numerous litigations across the industry. To date, the agency’s case against Ripple Labs and Binance is still lingering. A pro-crypto president might take executive action or lobby for favorable legislation.

Some analysts believe that if a pro-crypto President emerges, such a leader could likely allow crypto to flourish. The President would quickly assent to the Financial Innovation and Technology for the 21st Century Act. Although it might appear too early to call, a pro-cryptO U.S. president may favor using cryptocurrencies alongside fiat currency as obtained in El Salvador.