The hype surrounding "Dogefather" Elon Musk has contributed to the recent surge in the memecoin's value. DOGE soared by over 6% on a daily basis due to positive investor sentiment. According to data from Santiment, Dogecoin has been one of the most traded tokens in the crypto market over the past 24 hours. A post from Twitter/X referencing DOGE (Department of Government Efficiency) has further fueled the coin's momentum.