Dogecoin reached a seven-month high of $0.21 during US Election Day 2024, surpassing Ripple to become the seventh largest cryptocurrency with a $30 billion market cap. The rise came from social media activity from Elon Musk and campaign messaging from Donald Trump’s team. The meme cryptocurrency’s 30% increase over 24 hours and 20.6% increase over the week contributed to the rally.
Strong bullish sentiment, with $140M in longs compared to $74M in shorts, supported the price surge. Dogecoin’s price remains below its all-time high of $0.73 in May 2021, but the recent increase represents an 84% increase over the past month. The “Trump trade” reflected expectations of crypto-friendly policies under a possible second Trump administration.
