With Donald Trump gaining ground in the US presidential election, Dogecoin (DOGE) reached its highest level since April.
Popular memecoin DOGE, On US Election DayIt reached the peak of the last seven months, reaching $0.21 with an increase of 30 percent. Elon Musk being a Donald Trump supporter and on X (formerly Twitter) DOGEHis posts about the issue caused the parity to rise.
Dogecoin (DOGE) surpasses Ripple (XRP) in market value
According to CoinGecko data, Dogecoin increased by 30 percent in the last 24 hours and 20.6 percent in the last seven days. With this increase, Dogecoin surpassed Ripple (XRP) in terms of market value and became the seventh largest cryptocurrency with a value of $ 30 billion. DOGE, which left XRP behind after a long time, naturally excited its investors.
Crypto market focused on US presidential election
Dogecoin stepped up as Donald Trump neared victory. “This bull market is quite strong, which could push Dogecoin even higher,” commented eToro market analyst Josh Gilbert. Such a sharp rise in Bitcoin can often send altcoins such as Dogecoin soaring.
Interest in DOGE Revived with “DOGE” Joke
Towards the election days, Elon Musk and presidential candidate Trump excited Dogecoin investors by expressing the idea of the “Department of Government Efficiency” (DOGE). Musk’s humorous posts about this concept and indirect references in the election campaign, combined with Trump’s statements about crypto-friendly policies, made DOGE the latest It reached the highest level in five months, increasing by 84 percent in one month.
Musk, who contributed to Dogecoin reaching its record level in 2021 with his posts, made Dogecoin investors smile with his humorous comments that he could manage the “DOGE” department.
