With Donald Trump’s victory in the US presidential election, Dogecoin (DOGE) reached its highest level since April.
The popular memecoin DOGE, US election day It hit a seven-month high, rising 30 percent to $0.21. Elon Musk is a Donald Trump supporter and on X (ex-Twitter) DOGE His posts about the issue added to the equation.
Dogecoin (DOGE) overtakes Ripple (XRP) in market value.
According to data from CoinGecko, Dogecoin gained 30% in the last 24 hours and 20.6% in the last seven days. With this increase, Dogecoin surpassed Ripple (XRP) in terms of market value and became the seventh largest cryptocurrency with a value of $30 billion. DOGE, which overtook XRP after a long time, naturally excited its investors.
The crypto market is focused on the US presidential election.
Dogecoin surged as Donald Trump’s victory neared. “This bull market is quite strong, which could push Dogecoin even higher,” commented Josh Gilbert, an eToro market analyst. Such a rapid rise in Bitcoin can often send altcoins such as Dogecoin soaring.
Interest in DOGE revived with the “DOGE” joke.
Leading up to the election, Elon Musk and presidential candidate Trump excited Dogecoin investors by expressing the idea of a “Department of Government Efficiency” (DOGE) along with statements from Trump and indirect references to the concept in the campaign. What did On crypto-friendly policies, DOGE updated it to a five-month high, up 84% in one month.
Musk, who contributed to Dogecoin’s record high in 2021 through his posts, made Dogecoin investors smile with his humorous comments that he could manage the “DOGE” department.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
