Dogecoin Hits Three-Year High as Musk and Trump Drive Rally

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 a direct result of growing speculation about the future role of Musk in Trump’s administration. Musk’s support for Trump and his idea of heading a potential “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% which is a positive sign for the rally. This sharp increase has almost placed DOGE as among the highest performing currencies within a week surpassing other notable tokens like XRP. Current market capitalization is $41.01 billion, up by 23.23% within a day, with $17.81 billion in trading volume.

Dogecoin’s rally also 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 multiple factors, including 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.

Investors are betting that Dogecoin could break past $0.35 or even reach $4.00 during this bullish trend. If the momentum continues, analysts suggest Dogecoin could see more price increases in the coming months. The market’s focus is largely on how Trump’s administration and Musk’s potential involvement could shape regulatory policies in the crypto market. 

Musk’s ties to Dogecoin have long been a major factor in its price movements. As the CEO of Tesla and SpaceX, Musk’s endorsements have historically caused sharp price swings. His involvement in a new government department focused on digital assets could provide the regulatory clarity that many investors have been waiting for.

Another driver of the Dogecoin trend is also coupled with the expectation of Musk’s involvement in funding space missions such as DOGE-1. The increased price of Dogecoin has made traders and investors closely monitoring the effect of these changes within the market. Since trading is high and there is growing interest towards Dogecoin, it follows that the future appears even brighter for this cryptocurrency.