Dogecoin DOGE/USD continued to defy gravity on soaring expectations of an Elon Musk-headed Department of Government Efficiency (DOGE) under President-elect Donald Trump.
What happened: The king of dog-themed cryptocurrencies ballooned over 29% in the last 24 hours, rising to the sixth position of the largest cryptocurrencies by market capitalization.
The token’s trading volume spiked 220% to over $17 billion in the last 24 hours, making it the fourth-most traded cryptocurrency in the said period.
Sunday's rally boosted Dogecoin's weekly gains to over 93%, making it the best-performing large-cap digital asset during the election week.
DOGE enthusiasts have been in high spirits ever since Trump's presidential win, hoping that Musk, considered a close ally of the President-elect, would likely get to lead the so-called DOGE department.
Musk has been touting DOGE across posts on his social media platform, X, to political rallies leading up to the election, triggering sharp but short-lived rallies for the associated meme coin.
The rationale behind setting up the department was to cut through the tangle of federal bureaucracy and weed out excessive regulations that "don't make sense".
Why It Matters: While there was nothing else as of this writing to support Hoskinson's statements, speculation pointed to a place in Trump’s cryptocurrency presidential advisory council, which was mentioned as part of his election promise earlier this year.
Influential cryptocurrency analyst Ali Martinez predicted the token to go "parabolic," hitting a price range of $3.95 to $23.26.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2949. up 29.20% in the last 24 hours, according to data from Benzinga Pro.
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