The popular meme cryptocurrency, Dogecoin, saw a rapid increase in its value on election night, propelled by speculations surrounding the creation of a Department of Government Efficiency (DOGE) supported by influential figures like Elon Musk under a potential Donald Trump administration. This surge pushed Dogecoin's price up by more than 25% to $0.20, marking its highest value in the past seven months and driving its trading volume to over $6 billion, making it one of the top traded cryptocurrencies alongside Bitcoin and Ethereum within a 24-hour period.
The rise in Dogecoin's value also saw a significant increase in its trading volume by 117%, positioning it as one of the most active cryptocurrencies in the market. Additionally, the cryptocurrency's monthly gains have soared by 84%, while its returns for the year have reached 135%, showcasing a substantial growth in a short period. Elon Musk's support and promotion of the proposed DOGE department, aimed at addressing inefficiencies in the federal bureaucracy, have further fueled the momentum behind Dogecoin, with Musk actively advocating for its establishment through various platforms, including social media and political events.
The correlation between Dogecoin's performance and expectations of a Trump victory during the US election emerged prominently as crypto markets reacted to initial results favoring the GOP nominee, leading to increased optimism and investments in assets like Dogecoin. This surge in Dogecoin's value aligns with a broader trend seen with Trump-themed cryptocurrencies and NFTs, reflecting the market's anticipation of potential developments under a future Trump administration and its impact on digital assets. As Dogecoin continued to climb in value, reaching $0.2046 with a 25.64% increase in the last 24 hours, investors and enthusiasts closely monitored the dynamic relationship between politics and cryptocurrency trends for future insights and opportunities.