On the surface, Dogecoin may seem like a meme, but look deeper and you'll see active addresses for the cryptocurrency skyrocketing. And all this against the backdrop of the US election, with Elon Musk saying he could be in trouble if Trump loses. Coincidence? Let's find out.

DOGE: Meme or Financial Phenomenon?

Dogecoin was once a joke based on a popular internet meme featuring a cute Japanese dog. But if we used to laugh at this cryptocurrency, now it’s the one who bought DOGE a few years ago who’s laughing. According to data from the Santiment platform, the number of active DOGE addresses has grown significantly. Over the past few months, DOGE user activity has increased by as much as 30%! And this is against the backdrop of many investors and traders suddenly switching their attention to the upcoming US elections.

Why such a sharp increase in activity? It would seem that crypto and politics are like oil and water. But in the world of Elon Musk, everything seems to be intertwined.

Musk and the Elections: A Direct Threat to DOGE?

Elon Musk is a man who can send the market into a nosedive or to the moon with a single tweet. His love for Dogecoin is well known, as it was thanks to him that the value of this currency soared in past years. And recently Musk declared: "I'm in trouble if Trump loses." Many were surprised: what do a business magnate and a presidential election have in common?

It's anyone's guess, but one thing is for sure: investors watching the DOGE market are getting worried. If Musk is no longer able to influence politics and the economy through his friends in power, it could cause major changes in his business and, perhaps, his influence on cryptocurrencies.

When memes turn into millions

The crypto world is full of surprises, and the example of DOGE is one of the most striking. Let's remember 2021, when Dogecoin jumped by 10,000% thanks to a wave of hype and Musk's support. Many laughed then, but did they laugh when they saw the numbers in their accounts?

The current surge in activity around Dogecoin could be a signal. Perhaps, with the election approaching, people are once again hoping for a “Mascafect” — the impact of Elon’s tweets on the asset’s price. Investors are once again expecting that DOGE could suddenly shoot up, especially if the political outcome is favorable to those who support Musk.

How do crypto and politics intersect?

Active addresses are growing, elections are approaching, and Musk is already voicing concerns. All of these factors make you wonder: Is the world of memes and cryptocurrency really that closely tied to the political arena?

As practice shows, jokes quickly turn into money in cryptocurrencies, and politics and business rarely exist separately. So stay tuned - there are still many surprises in store for us with the US elections and Dogecoin.

To sum it up: it’s always worth remembering that memes are sometimes worth millions, and politics is a game in which even crypto can play a role.