Dogecoin has become the seventh-largest cryptocurrency by market cap after surpassing Ripple’s XRP. This rise in value is linked to projections that Donald Trump could win the 2024 US presidential elections, with Trump announcing plans to establish a government efficiency commission headed by Elon Musk if he wins the election.
Dogecoin’s surge began after Elon Musk responded to the Department of Government Efficiency’s proposed arm of government, and since then, Dogecoin has increased in value by 28.9% in the last 24 hours, with a current value of $0.2091. XRP, on the other hand, has increased by 5.4% to trade at $0.534.
Dogecoin’s market cap now stands at $30.6 billion, while XRP’s market cap is at $30.3 billion.
