Trump's Crypto Bet: Bitcoin, Ethereum Lead, Dogecoin Rallies

On March 2, U.S. President Donald Trump announced the establishment of a U.S. "strategic crypto reserve" to bolster America's position in the crypto sector. The initial list of reserve currencies included major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA), but notably excluded Dogecoin (DOGE). Despite this, the broader cryptocurrency market surged by over $300 billion in market capitalization, reflecting significant investor enthusiasm for Trump's crypto endorsement.

Dogecoin, however, experienced a robust rally, spiking by as much as 16% at one point before settling at a 7.5% increase over the past 24 hours. Billy Markus, co-creator of Dogecoin, jokingly highlighted the cryptocurrency's domestic origins in Portland, Oregon. The official Dogecoin account on X responded to the unfolding debate with a terse message: "@realDonaldTrump, bruh." Within 15 minutes, Elon Musk reacted with the "Face with Tears of Joy" emoji, leaving it unclear whether he genuinely supports the idea behind DOGE being included in the crypto reserve or is simply amused by the meme aspect.

Further commentary from the crypto community added layers to the conversation. Antonio Zamudio remarked on the situation, drawing parallels with other industry figures like Ripple and Cardano founder Charles Hoskinson who have lobbied for their projects' inclusion in the crypto reserve. He stated that Trump may not be aware of Dogecoin's existence and suggested that a Dogecoin representative should talk to Trump about the cryptocurrency. Kevin, a renowned crypto analyst, expressed optimism on X, stating that with Elon Musk's close relationship with Trump, Dogecoin could be included in the strategic reserve at some point.

Trump's announcement on Truth Social hinted that additional "valuable cryptocurrencies" could eventually be incorporated into the reserve. CryptoQuant CEO Ki Young Ju questioned what other valuable cryptocurrencies would be included in the U.S. crypto reserve. Trump's own words in the announcement were unambiguous regarding the core components, stating that Bitcoin and Ethereum, along with other valuable cryptocurrencies, would be the heart of the reserve.

From a technical analysis standpoint, the market reaction to the news appears to have altered Dogecoin's chart dynamics. Prior