The cryptocurrency market has been booming in the past few hours, and this is closely related to the US presidential election. 🗳️

Dogecoin is no exception as the price of DOGE has increased by more than 22% in just a few hours, surpassing the critical level of $0.20. The price even nearly touched $0.22 before a slight correction.

The main reason is the increasing likelihood of Republican candidate Donald Trump winning, with a nearly 90% chance in the prediction market Polymarket.

Dogecoin has performed excellently over the past week, surpassing XRP to become the 7th largest cryptocurrency by market capitalization. 🚀

Many traders expect Trump to create a "Government Efficiency Department" (abbreviated as DOGE), led by Elon Musk, further boosting the price of DOGE. Musk mentioned this during a conversation on Joe Rogan's podcast, causing the price of DOGE to rise further.