Dogecoin (DOGE) has risen 9% to $0.14 in the past 24 hours, bringing its market capitalization to $20 billion. The surge was fueled by Elon Musk's comments at a town hall in Folsom, Pennsylvania.

Musk promoted presidential candidate Donald Trump when an audience member asked about his idea for a “Department of Government Efficiency.” Musk aptly replied, “Yes, DOGE,” prompting cheers from the crowd and sending the price of Dogecoin soaring on social media.

Musk's support for Dogecoin has a history of influencing its price. He has often promoted the memecoin, leading to both praise and legal challenges. A class-action lawsuit accusing him of a pump-and-dump scheme was dismissed in August, clearing him of any wrongdoing.

The cryptocurrency hit an all-time high of $88 billion in market capitalization in May 2021, thanks in part to appearances by Musk, including a notable skit on "Saturday Night Live" in which he called himself the "father of dogs."

Following Musk's latest comments, Dogecoin's market capitalization rose to $20 billion. The coin outperformed Bitcoin, which was up just 3%, reflecting strong interest from investors.

This recent surge comes as many crypto enthusiasts believe that a Trump presidency could lead to more friendly regulations for cryptocurrencies, potentially boosting prices across the market.

Dogecoin has experienced significant price fluctuations in the past. It fell to a low of $0.05 in late 2023 before recovering to $0.22 in March. However, in June, concerns about rising interest rates caused Dogecoin to fall 10%.

Since then, the price has stabilized around $0.10. With Musk’s recent comments reigniting interest, many are watching closely to see how far Dogecoin can rise in the coming days.