Dogecoin (DOGE) Price Soars 22% in Hours: Here’s Why

Dogecoin Soars 22% Amidst Trump Election Odds Surge

The cryptocurrency market has witnessed a surge in the past few hours, fueled by the US presidential elections.

Dogecoin has been no exception, with its price surging by over 22% within hours, surpassing the key $0.20 level. At one point, it nearly reached $0.22, but has since experienced a slight retracement.

This rise coincides with increasing odds of victory for Republican candidate Donald Trump. According to prediction market Polymarket, his chances of winning the presidential race have risen to nearly 90%.

Dogecoin has performed exceptionally well over the past week, replacing XRP as the seventh-largest cryptocurrency by market capitalization.

Much of this surge can be attributed to traders expecting Trump to win the election and establish the "Department of Government Efficiency" (DOGE), led by Elon Musk. Musk's recent reference to this concept on Joe Rogan's podcast further boosted DOGE's price.