Two weeks after the U.S. presidential election, the crypto markets are riding a bull run, achieving a record-breaking market cap of over $3.4 trillion. Bitcoin has shattered expectations by soaring past $98,000[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://nairametrics.com/2024/11/24/dogecoin-and-cardano-surges-in-price-as-crypto-market-valuation-hits-3-5-trillion/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1"). Amid this enthusiasm, certain coins are outpacing the pack, and Dogecoin (DOGE) is one of the standout performers.
Why Dogecoin is Surging:
- Massive Growth: The oldest memecoin has surged an astonishing 150% since Election Day[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://nairametrics.com/2024/11/24/dogecoin-and-cardano-surges-in-price-as-crypto-market-valuation-hits-3-5-trillion/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
- Political Support: Buoyed by promises from President-elect Donald Trump and the growing political clout of Elon Musk[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://english.elpais.com/economy-and-business/2024-11-24/dogecoin-a-thermometer-of-musks-mood-it-can-have-a-disproportionate-impact.html?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "2").
- Musk's Influence: Elon Musk, a longtime supporter of Dogecoin, regularly praises the memecoin on X and calls himself "The Dogefather"[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://english.elpais.com/economy-and-business/2024-11-24/dogecoin-a-thermometer-of-musks-mood-it-can-have-a-disproportionate-impact.html?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "2").
- New Agency: The announcement of the Department Of Government Efficiency (D.O.G.E.), co-led by Musk and Vivek Ramaswamy, has added new dimensions to Dogecoin's rise[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://english.elpais.com/economy-and-business/2024-11-24/dogecoin-a-thermometer-of-musks-mood-it-can-have-a-disproportionate-impact.html?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "2").
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