The price of %Dogecoin (CRYPTO: $DOGE) has risen 48% in the last 24 hours and has nearly doubled in the past five days as the current rally in %Cryptocurrencies gathers steam.
Dogecoin has increased 93% since Donald Trump won the U.S. presidential election on Nov. 5. The meme coin’s price has topped $0.40 U.S. for the first time since May 2021, when it set a record high of just over $0.70 U.S.
The current rally has reignited hopes among crypto bulls that Dogecoin will be able to rally to $1 U.S.
Dogecoin is simply an image of a cartoon dog. The digital token was started as a joke and has no underlying utility or function.
The current rally in Dogecoin, and the broader crypto market, comes on expectations for lighter regulations and more widespread adoption of cryptocurrencies under a second Trump term.
The price of Bitcoin has rallied to a new all-time high of just under $90,000 U.S. since the U.S. election was decided.
At the same time, Elon Musk, one of Trump’s biggest supporters, has discussed creating a “Department of Government Efficiency,” which is abbreviated as D.O.G.E, that will make government spending more efficient.
Investors appear to be latching onto Musk’s association with Dogecoin amid the broader cryptocurrency rally.
Having Dogecoin reach the $1 U.S. mark has long been a goal of crypto bulls and there are several memes and posts online championing “Doge to $1.”