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The next crypto bull run appears to be on the horizon as pro-crypto candidate Donald Trump is once again the favourite to win the White House.
Meanwhile, Tesla and X owner Elon Musk is poised to join the Trump administration as well, with both men recently showcasing their willingness for a cabinet role for Musk. Unsurprisingly, Dogecoin bulls are ecstatic about this possibility, which could provide a major boost to DOGE.
Trump to offer Elon Musk a cabinet or advisory position in his administration if elected president again.
ELON MUSK: “I am willing to serve.” pic.twitter.com/lp17CZIyRr
— Radar
(@RadarHits) August 20, 2024
A Dogecoin rally could kickstart a larger meme coin mania. Smart-money investors are already preparing for this scenario by investing in low-cap tokens such as Pepe Unchained and PlayDoge.
How Elon Musk Joining The Trump Administration Is Bullish For Crypto Prices
Trump and Musk are two mainstream figures with outsized influence over the crypto market.
The former President is the clear pro-crypto candidate in the upcoming US Presidential Elections, thanks to his promise of firing Gary Gensler and setting up a strategic Bitcoin reserve. Indeed, the Bitcoin price created a local bottom and rallied after the failed assassination attempt on Trump in July.
Now, Musk joining Trump in a cabinet or advisory role is another positive for crypto, especially meme coins.
Dogecoin has been largely sidelined from this bull cycle and is currently trading over 80% below its all-time high. However, this could quickly change if the Tesla owner joins the Trump administration in any capacity.
As such, Musk continues to publicly back crypto and in particular, DOGE. In response to Trump’s comments, he claimed that the Department of Government Efficiency – in short, DOGE – would be the perfect name for his department.
Perfect name https://t.co/qOUblToy7v
— Elon Musk (@elonmusk) August 20, 2024
Consequently, a Trump victory could spark the next bull run. As per the Polymarket odds, the Republican is once again the favourite to win the White House in November. Considering that he was trailing by as much as 10 points earlier this week, his current 5-point lead is a remarkable comeback.
Best Crypto to Buy Now Before The Next Bull Run
As previously mentioned, Dogecoin is an excellent buy for the next crypto bull run, considering it is highly undervalued.
Additionally, XRP is another undervalued altcoin that is trading 80% below its all-time high. Considering that Trump has promised to fire SEC Chair Gary Gensler, the XRP price will skyrocket if the market starts to price in a Trump victory.
New low-cap meme coins are also in high demand, owing to their overperformance during the bull run earlier this year. Indeed, some early meme coin buyers generated millions in profits and smart-money investors are looking to replicate this performance.
For instance, a new meme coin Pepe Unchained (PEPU) has raised nearly $10 million in its presale.
Aside from being a frog-themed token, PEPU is a high-utility meme coin. For instance, it has its own Layer-2 chain, which means low trading costs and high staking rewards.
