Dogecoin (DOGE) rose to $0.21 on US Election Day, hitting a seven-month high after days of hype fueled by Elon Musk’s hilarious tweets and his public appearances alongside former President Donald Trump.

DOGE has increased by 30% in the last 24 hours and 20.6% in the last 7 days, CoinGecko Data sample. The meme coin was also launched Vibe (XRP), becoming the seventh largest cryptocurrency with a market capitalization of $30 billion.

Although still below its all-time high of $0.73 set in May 2021, DOGE’s election day rally points to the enduring appeal surrounding the meme coin.

Dogecoin’s surge on Election Day aligns with a broader trend of optimism in the cryptocurrency market. Leading Crypto bitcoin (BTC) hit a new all-time high of $74,504, driven by demand for Bitcoin ETF and the bullish atmosphere surrounding a possible Trump victory.

“Although Bitcoin is at record levels, it looks like this rally could just be beginning,” said Josh Gilbert, market analyst at eToro. Decipher in a statement. ““This bull market has a lot of weight behind it and that could continue to push the asset higher.”

That could bode well for altcoins, including DOGE, which typically rise alongside significant moves in the world’s largest cryptocurrency.

In the days leading up to the election, Tesla and Space CEO Elon Musk and presidential candidate Trump bothered the idea of ​​a “Department of Government Efficiency” (DOGE), generating excitement among Dogecoin fans.

Musk’s playful commitment to the concept through his tweets and subtle mentions during the election campaign, coupled with Trump’s vocal support for a pro-crypto agenda, created a stir that drove DOGE to a five-month high, marking an 84% surge over the past month.

Unlike Vice President Kamala Harris, who has been less vocal about crypto policy, Trump has defended himself as a friend of the crypto community. Many see Trump’s possible return to office as a positive development for cryptocurrencies, with expectations of favorable regulations under his leadership.

Analysts have dubbed this rally the “Trump trade,” as investors anticipate that Trump’s policies could boost the cryptocurrency industry.

Known for helping DOGE reach its all-time high in 2021 through a series of tweets, Musk’s recent comments about leading the “DOGE” agency added fuel to speculation, giving fans reason to believe he still supports DOGE. Dogecoin.

Although Musk has recently downplayed his involvement in cryptocurrencies, the suggestion that he could lead a “DOGE” agency if Trump wins only adds to the speculation seen in recent months.

Created in 2013 as a fun parody of Bitcoin, Dogecoin has become one of the leading cryptocurrencies driven by internet culture and the influence of figures like Musk.

Edited by Sebastian Sinclair