Dogecoin, the top meme coin, surged on Thursday after Donald Trump mentioned the Department of Government Efficiency during a rally at Madison Square Garden. The association fueled a phenomenal rally that took the cryptocurrency above $0.16, breaking months of stagnant trading.
The move also broke DOGE’s previous trading range of $0.08 to $0.12 that the asset typically maintains. At the time of writing, the cryptocurrency is up nearly 15% over the past 24 hours.
While Dogecoin's price action has always been informed by Elon Musk's social media activity, the political connection is another turning point in market dynamics. During the bull run, its trading volume skyrocketed to over $2.5 billion, indicating tremendous interest in the market.
Market data shows interesting patterns in the distribution of Dogecoin holders; the largest wallet holds over 21% of the total supply, valued at about $4.9 billion today. This cryptocurrency remains highly relevant on cryptocurrency trading platforms, especially on Robinhood, where it accounts for 62% of the total cryptocurrency trading volume.
Following Musk's comment, another token using the same token code named DOGE and named after the Department of Government Efficiency has become popular. This newer token is traded on Uniswap V2 and has also seen its price rise from $0.006 to $0.055, although there is significantly higher risk due to high concentration wallet holdings.
DYOR!#Write2Win #Write&Earn #Write2Learn $DOGE