In recent days, Dogecoin has seen a significant surge after Donald Trump won the 2024 US election, with reports suggesting that Elon Musk could play a key role in a Trump administration that would streamline government regulations. The news has excited investors and sent the coin’s value up more than 29% in 24 hours, making it the sixth-largest cryptocurrency by market cap.
Elon Musk, who is known for his strong influence on the cryptocurrency market, has been promoting Dogecoin on X (formerly Twitter) and has been seen in several election rallies. These statements and moves by Musk usually cause large and rapid fluctuations in the price of the coin. After the election, Dogecoin has reached a new level of activity, crossing the $0.20 barrier with expectations of reaching $1 or more in the near future.
Amid this momentum, investors continue to monitor Musk's influence on the cryptocurrency market, especially with his close association with the world of meme coins and new projects emerging in the market.