In summary
- Dogecoin rose again, reaching $0.40, with an increase of 11% in 24 hours and a rise of 188% in the last month.
- This growth follows the post-election rally fueled by Donald Trump’s victory and continued support from Elon Musk.
- Musk, the self-proclaimed “Dogefather”, has been key to the rise of DOGE, especially following his role at the Department of Government Efficiency (DOGE).
These have been a quieter few days for Dogecoin fans after a post-election rally that took the original meme coin to a three-year high price of around $0.43, but DOGE is finally climbing the charts again.
Dogecoin hit a price of $0.40 on Tuesday morning, according to data from CoinGecko, for the first time since November 14, marking an 11% increase in the last 24 hours.
It is the biggest gainer in the top 10 coins by market capitalization at the time of writing, according to CoinGecko, although other coins in the top 100 such as Hedera and Tezos have risen more in the last day.
DOGE has nearly tripled in price in the last 30 days, rising 188% during that period. Part of that is likely due to the overall Cryptocurrency market surge that has lifted all assets, with Bitcoin hitting new all-time highs in the process, thanks in part to the US presidential election victory of Donald Trump, a self-described pro-crypto candidate who made many promises regarding the industry.
But there is also a specific connection to Trump supporter Elon Musk, a long-time Dogecoin fan who has consistently boosted the coin over the years with his comments and actions. Musk supported Trump on the campaign trail, with DOGE rising during his appearances, and now Musk will co-lead a so-called Department of Government Efficiency—yes, DOGE—with businessman Vivek Ramaswamy.
In reality, Tuesday’s jump coincided with a post by Musk calling himself “The Dogefather,” repeating a title he gave himself in 2021, when the coin peaked in price.
Speaking of Bitcoin—the leading cryptocurrency is again in search of a new record high price, hitting as high as $92,720 on Tuesday morning for its highest mark in several days. The record to beat is $93,477, set last week.
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