The Dogecoin$DOGE rally is linked to Elon Musk and the U.S. elections

After several weeks of sideways movement, the 'Uptober' rally helped lift the prices of crypto assets in anticipation of a surge in November. This rally was partly driven by the growing significance of cryptocurrencies in U.S. politics ahead of the presidential elections.

Both Kamala Harris and Donald Trump have expressed support for potential regulation of cryptocurrencies, which many believe could foster innovation in the sector. However, Donald Trump's victory resonated more with the majority of market investors.

Moreover, Elon Musk campaigned for Trump and planned to work with the administration responsible for the proposed Department of Government Efficiency (DOGE). Poll results triggered the Dogecoin rally. Bitcoin also soared above $81,000 over the weekend.$ACT $PNUT