Dogecoin (DOGE) surged to $0.21 on U.S. Election Day, reaching a five-month high after gaining momentum from playful tweets by Elon Musk and public appearances with former President Donald Trump. The meme coin's value rose by 30% in just 24 hours, flipping XRP to become the seventh-largest cryptocurrency with a market cap of $30 billion. While DOGE's all-time high remains $0.73, the recent rally marked an 84% increase over the last month. The surge coincided with Bitcoin hitting a record price of $74,504, driven by optimism surrounding a potential Trump victory, which many believe may lead to favorable regulations for crypto. Trump's advocacy for a pro-crypto agenda and Musk's continued engagement with the Dogecoin community have collectively fueled speculation, driving interest in the coin. Analysts refer to this momentum as the 'Trump trade,' anticipating that Trump's policies will further bolster the crypto market.

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