$BTC #TrumpTariffs #DayTradingStrategy $DOGE
DOGE shares rose on Monday after billionaire Elon Musk made headlines by launching his Bitcoin-supporting party in America.
As altcoins led the charge on Monday morning.
Dogecoin was the best-performing among the top 10 digital assets by market capitalization, rising by 3.4% at the time of writing.
The performance of the meme coin may be related to news that billionaire Elon Musk, a fan of Dogecoin, is creating a new political party called 'America Party', which aims to provide an alternative to the Democrats and Republicans.
In a late-night tweet session, the world's richest man confirmed that his new platform would embrace Bitcoin because 'fiat currency is hopeless', although he failed to mention Dogecoin.
The billionaire's relationship with Dogecoin is a recurring theme.
Last year, he proposed and led the 'Government Efficiency Administration', whose name formed a backronym for the DOGE symbol of Dogecoin.
Elon Musk is a staunch supporter of Dogecoin. Images: Shutterstock
Elon Musk and Dogecoin: How the billionaire became the 'Dad of Dogecoin'
With Dogecoin back in the spotlight late last year and early 2025, some may wonder: where did this asset come from? What is its utility? And what is the connection to Elon Musk, the CEO of Tesla? The boom of the original meme coin can largely be credited to the world's richest man. Musk's obsession with outrageous tweeting helped elevate the coin to the list of the top 10 cryptocurrencies. It has been an unexpected journey over the past few years, crowned by Musk's appointment to lead a government agency named Dogecoin - yes, really. But we'll explain...
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Monday's market movements may suggest that traders hope there will be a place for Dogecoin in Musk's political party - or at least, that he will promote it again.
Solana emerges after the launch of the ETF
Among other major altcoins with strong performance are Solana and Ethereum, which rose by 3.1% and 1.9% respectively at the time of publication.
On Wednesday, the launch of an ETF offering exposure to Solana occurred for the first time in the United States - a spokesperson for REX Shares and Osprey Funds told Decrypt that the fund achieved $12 million in flows on its first day.
Bloomberg analyst Eric Balchunas noted that the fund achieved a 'healthy start to trading', placing the fund among the top 1% of new launches.
However, the Securities and Exchange Commission has not yet decided whether to give the green light to ETFs that track the spot price of SOL and other altcoins, which could bring billions of dollars in institutional investment.
Altcoins are significantly outperforming Bitcoin at the time of publication, as the alpha cryptocurrency has remained relatively stable, rising by only 0.5% in the past 24 hours.
