- Dogecoin surpasses XRP in crypto ranks as the Trump-Musk alliance sparks investor interest.
- Dogecoin’s market cap surges with Trump’s election prospects, climbing to top 7 in cryptocurrency.
- Trump’s D.O.G.E. proposal fuels Dogecoin’s rise, reaching $30B market cap and record trading volumes.
Dogecoin has surpassed Ripple’s XRP and is now ranked as the seventh largest cryptocurrency in market capitalization. This sudden rise corresponds with increasing forecasts that the 45th President of the United States of America, Donald Trump, might return to the presidency in the 2024 polls.
Trump’s potential win appears to have boosted market confidence in Dogecoin, particularly due to his latest remarks on creating a government efficiency commission headed by Elon Musk.
Trump and Musk Stir DOGE Interest
The rise in Dogecoin’s (DOGE) value began two weeks ago after Elon Musk publicly responded to Trump’s concept of the “Department of Government Efficiency,” or D.O.G.E. Trump recently proposed this commission as part of his campaign, suggesting that Musk could lead it if Trump wins.
Musk affirmed his commitment to this potential role, stating on X (formerly Twitter) that he would serve without pay or title. Trump’s statement came after weeks of speculation, now making it the first time Musk’s involvement was publicly confirmed.
This endorsement significantly fueled Dogecoin’s recent gains, with many traders seeing a symbolic tie between Trump’s proposal and Dogecoin’s identity. As the election drew near, DOGE’s price surged past the $0.20 mark, a pivotal point not seen in months.
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Dogecoin Leads Cryptocurrency Market Surge
With Trump’s polling odds strengthening, Dogecoin saw an impressive 28.9% increase within 24 hours, reaching a trading price of $0.2091. Compared to a week ago, this value marks a 19.6% jump, positioning Dogecoin among the top cryptocurrencies, trailing only behind Bitcoin, Ethereum, Tether, Solana, BNB, and USDC.
In addition to price increases, DOGE recorded a significant boost in trading volume. Data shows a 117% spike, amounting to $6 billion in transactions within the last day. This figure made DOGE the third-most traded cryptocurrency over the past 24 hours. Analysts attribute this surge to increasing expectations for Trump’s victory, which could lead to a Musk-led government initiative.
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