Dogecoin's market cap crosses $63 billion after 51% price surge

Dogecoin Surges 51% on Elon Musk's Trump Administration Involvement

According to The Block, Dogecoin has gained an impressive 51% over the past 24 hours, reaching a price of $0.43 and boosting its market capitalization to $63.5 billion.

Experts attribute this surge to Elon Musk's support for Dogecoin and his potential influence in the incoming Trump administration.

Dogecoin's Remarkable Momentum

Dogecoin has become one of the fastest-growing cryptocurrencies within the past 24 hours. Its market value has skyrocketed to the highest it's been since 2021, making it the sixth-largest by market capitalization.

Musk's Influence on Dogecoin's Rise

Dogecoin's meteoric rise is believed to be intertwined with its association with Elon Musk, CEO of Tesla and SpaceX. As a fervent proponent of Dogecoin, Musk's involvement has fueled speculation about the potential benefits it could reap in the future.

"Elon Musk's involvement in the U.S. election and his potential role in the new administration has triggered a surge in Dogecoin's price," said Nick Ruck, director of LVRG Research.

Musk's substantial financial support for Trump's re-election campaign and his promise to give away $1 million daily until the election garnered attention and sparked calls for an investigation.

Trump's "Department of Government Efficiency"

"A recent proposal for a 'Department of Government Efficiency (DOGE)' within a Trump administration has further ignited Dogecoin's ascent," said Min Jung, crypto analyst at Presto Research. Musk had previously suggested creating such a department to reduce excessive spending and regulations.

Musk's Role in Trump Administration

Since Trump's victory, Musk has played an influential role in the transition process, offering input on staffing decisions and taking on a "significant role" in the upcoming administration, as reported by ABC News.

"Dogecoin's status as the top memecoin, coupled with its popularity among retail investors, makes it particularly alluring in today's meme-driven market," Jung said.