Dogecoin surged 51% in the past 24 hours, now trading at $0.43 and reaching a market capitalization of $63.5 billion, as reported by The Block.
Analysts suggest Elon Musk’s involvement in the upcoming Trump administration has added momentum to Dogecoin's rally.
Dogecoin led the cryptocurrency market in daily price gains, riding a wave of bullish sentiment linked to broader market optimism following Trump's projected influence on the crypto space.
According to The Block’s data, Dogecoin’s market cap, which stood at around $16 billion just a month ago, now places it as the sixth-largest cryptocurrency by market cap, marking its highest price point in 2021.
Dogecoin’s ascent appears partially tied to its association with Elon Musk, who is a long-standing advocate of the cryptocurrency and owner of the social media platform X.
Nick Ruck, Director at LVRG Research, notes that Musk’s visible role in Trump’s campaign and possible future in the White House is adding speculative interest to Dogecoin, a cryptocurrency that underperformed relative to others in the prior bull cycle.
Musk’s substantial financial backing of Trump’s re-election, including a daily $1 million pledge leading up to the election, has led to calls for regulatory scrutiny, as he continues to show strong political influence.
Crypto analyst Min Jung of Presto Research highlighted discussions of a possible “Department of Government Efficiency (DOGE)” under the Trump administration, which Musk has suggested to streamline government operations—fueling further interest in Dogecoin.
Musk has been closely involved in advising personnel decisions for Trump’s team, which might suggest a significant role in the administration beyond public view.
Jung also emphasized that Dogecoin’s status as a leading meme coin and its popularity with retail investors make it particularly appealing in the current market, where meme-driven investment has surged.