On US Election Day, Dogecoin (DOGE) grabbed a spot in the cryptocurrency market, climbing over 11.42% in the last 24 hours and emerging as a top gainer. While major cryptocurrencies like Bitcoin (BTC) trade in red, DOGE’s rise stands out as a beacon of optimism. The rally in the DOGE was triggered by comments from Elon Musk, who mentioned DOGE as an acronym for a potential Department of Government Efficiency (D.O.G.E.) during a podcast with Joe Rogan.
At the time of writing, Dogecoin was priced at $0.1669 (intraday high), up from a low of $0.1498. Also, the daily trading volume surged over 51%, reaching $3.14 billion. This rally signals a renewed interest in memecoins and community-driven tokens, often fueled by social media excitement and online communities.
What makes this surge particularly intriguing is the potential connection to Donald Trump’s presidential battle, bolstered by Elon Musk’s involvement. Analysts suggest that DOGE could benefit significantly if Trump wins, especially following Musk’s recent proposal for a “Department of Government Efficiency,” cleverly abbreviated to D.O.G.E. This initiative aims to streamline government spending, which could resonate with Dogecoin’s community.
