Dogecoin (DOGE) Price Surges 22% in a Matter of Hours: Here’s the Reason
The cryptocurrency market has experienced a significant surge in the past few hours, and the reason behind it all can be attributed to the ongoing US presidential elections.
Even Dogecoin has not been immune to this trend. In just a few hours, the price of DOGE has skyrocketed by more than 22%, surpassing the crucial $0.20 mark.
In fact, the price came very close to reaching $0.22 just a few minutes ago, although it has since retraced slightly.
This sudden upsurge in price is largely linked to the growing odds of success for the Republican candidate, Donald Trump.
According to reports from CryptoPotato, Trump’s chances of winning the Presidential race have risen to nearly 90% on the popular prediction market Polymarket.
Dogecoin has been a standout performer throughout the past week and has managed to overtake XRP as the 7th-largest cryptocurrency based on total market capitalization.
A substantial portion of Dogecoin’s recent gains can be attributed to traders expecting Trump to win the elections and subsequently establish the so-called Department of Government Efficiency (DOGE for short). Elon Musk is then expected to head this department.
Musk even hinted at this during his recent appearance on Joe Rogan’s podcast, leading to another surge in DOGE’s price.