Dogecoin Soars, Boosted by Trump Victory and Elon Musk's Involvement

Dogecoin has surged over 90% in the past week, reaching its highest price in three years. The meme coin hit a peak of around $0.2990, fueled by Donald Trump's presidential victory and Elon Musk's involvement.

Dogecoin's rise is directly linked to speculation about Musk's future role in Trump's administration. Musk's support for Trump and his proposal to lead a "Department of Government Efficiency" (DOGE) has sparked interest among investors.

A recent surge in the last 24 hours has seen DOGE rise by nearly 30%, a positive sign for the rally. This sharp increase has placed DOGE among the top-performing currencies this week, surpassing other notable tokens like XRP.

The current market capitalization of Dogecoin is $41.01 billion, a 23.23% increase within a day, with $17.81 billion in trading volume.

Dogecoin's rally marks a significant change in its price pattern. In recent weeks, Dogecoin has gained 100% in just seven days. This sudden rise has been driven by high trading volumes and positive market sentiment.

The surge mirrors a broader rally in meme coins, with other dog-themed tokens such as Shiba Inu also showing similar gains.