Dogecoin saw one of the strongest gains in the crypto market over the past 24 hours, soaring 51% to $0.43 and driving its market cap to $63.5 billion. This marks Dogecoin’s highest valuation since 2021, making it the sixth-largest cryptocurrency by market capitalization. Just a month prior, Dogecoin held a $16 billion market cap, underscoring its recent explosive growth.
The surge aligns with Donald Trump’s election win and Elon Musk’s support for the former president’s campaign. Musk’s unofficial ties to Dogecoin, including his role as CEO of Tesla and SpaceX and his recent involvement in Trump’s campaign, have spurred widespread interest.
Speculation around Musk’s rumored role in Trump’s administration, particularly the potential “Department of Government Efficiency (DOGE),” has added fuel to Dogecoin’s rally. This hypothetical department, aimed at minimizing wasteful spending, has become a hot topic among Dogecoin enthusiasts.
Analysts Weigh in on Dogecoin’s Bullish Run
Nick Ruck of LVRG Research suggests that Musk’s active role in the Trump campaign signals long-term bullish potential for Dogecoin. Additionally, Min Jung of Presto Research notes that Dogecoin’s popularity among retail investors strengthens its position in a market increasingly influenced by memes and celebrity endorsements.
With Musk’s ongoing influence and Trump’s recent victory, analysts predict that Dogecoin’s current rally may have room to grow, especially as investors look to capitalize on Musk’s support for Trump’s administration.
