Dogecoin (DOGE) surged to $0.21 on U.S. Election Day, reaching a five-month high after days of hype driven by Elon Musk’s playful tweets and public appearances alongside former President Donald Trump.
DOGE is up by 30% in the last 24 hours and 20.6% in the last 7 days, CoinGecko data shows. The meme coin also flipped Ripple (XRP), becoming the 7th largest crypto with a market cap of $30 billion.
Although still below its all-time high of $0.73 set in May 2021, DOGE’s Election Day rally points to the lasting appeal surrounding the meme coin.
Dogecoin’s Election Day spike aligns with a larger trend of optimism in the crypto market. Bellwether crypto Bitcoin (BTC) hit a new all-time high of $74,504, fueled by demand for Bitcoin ETFs and the bullish atmosphere surrounding a potential Trump victory.
"Although Bitcoin is sitting at record highs, it feels like this rally could just be getting started," Josh Gilbert, market analyst at eToro, told Decrypt in a statement. "This bull market has a lot of weight behind it, and that could keep driving the asset higher"
That could bode well for altcoins, including DOGE, which typically rise alongside significant moves by the world's largest crypto.
In the days leading up to the election, Tesla and Space CEO Elon Musk and presidential candidate Trump teased the idea of a “Department of Government Efficiency” (D.O.G.E.), sparking excitement among Dogecoin fans.
Musk’s playful engagement with the concept through his tweets and subtle mentions during the election campaign, along with Trump’s vocal support for a pro-crypto agenda, created a buzz that carried DOGE to a five-month high, marking an 84% increase in the last month.
Unlike Vice President Kamala Harris, who has not been as vocal on crypto policy, Trump has advocated himself as a friend to the crypto community. Many see Trump’s potential return to office as a positive development for crypto, with expectations of favorable regulations under his leadership.
Analysts have coined this rally the “Trump trade,” as investors anticipate that Trump’s policies could boost the crypto industry.
Known for helping DOGE reach its all-time high in 2021 through a series of tweets, Musk’s recent comments about leading the “D.O.G.E.” agency added fuel to the speculation, giving fans a reason to believe he still supports Dogecoin.
Although Musk has recently downplayed his involvement in crypto, the suggestion that he could lead a “D.O.G.E.” agency if Trump wins only adds to further speculation witnessed in recent months.
Created in 2013 as a playful parody of Bitcoin, Dogecoin has become one of the top cryptos powered by internet culture and the influence of figures like Musk.
Edited by Sebastian Sinclair
