What is Driving Dogecoin Price Surge?

The Dogecoin (DOGE) token has shown impressive growth over the past 24 hours, becoming the best-performing cryptocurrency among the top 100 coins. DOGE’s price surged to $0.168 this morning, marking a nearly five-month high before slightly retreating to $0.166—still up by about 17.4%.

Notably, DOGE’s price increase aligns with the political moves of Elon Musk, CEO of Tesla and SpaceX. Musk is now more closely involved in Donald Trump’s presidential campaign, and Trump has hinted at the possibility of Musk taking a position in the government if he wins.

Interestingly, Trump mentioned that Musk might lead a new department called the “Department of Government Efficiency (DOGE)“—an acronym matching Dogecoin’s ticker symbol. Recently, Musk has also been actively hyping DOGE on the social media platform X (formerly Twitter).

Given Musk’s longstanding connection with Dogecoin, this coincidence is unlikely to be random. At a Trump campaign event held at Madison Square Garden, Musk emphasized how DOGE could help the U.S. save up to $2 trillion annually.

Since that event, Dogecoin’s value has experienced a significant surge, especially in recent weeks as Musk’s statements about DOGE seem to have positively impacted the coin.

Dogecoin is currently the 9th largest cryptocurrency by market capitalization. Although initially a joke, DOGE’s value has become more serious for investors, especially since Musk began mentioning it frequently on Twitter in 2021 before eventually buying and rebranding the platform.