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According to Bloomberg’s data, the popular Shiba Inu-inspired token Dogecoin, beloved by meme enthusiasts and championed by Elon Musk, is currently leading the pack. Dogecoin, often called “Doge,” has surged around 50% over the past five days.
Also at the forefront is ADA from the Cardano blockchain, up over 60% during the same period. This rise followed a podcast appearance by Cardano’s founder, Charles Hoskinson, where he discussed potential collaborations with lawmakers in Washington.
These and other “altcoins” — including tokens tied to platforms like Polygon, Cosmos, Solana, and Algorand — have shown gains that outpaced Bitcoin’s own five-day rise of roughly 7%, reaching a new high. Caroline Bowler, chief executive officer of digital-asset exchange BTC Markets Pty stated that,
“A rising tide lifts all boats and the boom in Bitcoin rippled on to the alts relatively quickly. The sector in its entirety is expected to be a net beneficiary of Trump’s administration.”
Impact of the Crypto Industry During the 2024 U.S. Presidential Election
The crypto industry poured money into the US election campaign, backing candidates who seemed likely to support its interests. Now, executives and investors are hopeful for a more crypto-friendly environment under Trump, with the Republican Party set to control Congress.
Trump has promised to replace SEC Chair Gary Gensler, who has been a major hurdle for digital assets due to his strict enforcement of the agency’s rules. The president-elect also pledged to support US Bitcoin mining and even create a national Bitcoin reserve.
Some investors are speculating that more coins, like Solana’s SOL, could soon get their own exchange-traded funds in the US. So far, only Bitcoin and Ethereum have been approved for these investment vehicles.
Dogecoin Hits New Heights in 3-Year
Dogecoin to a dollar? Maybe not—but hitting a quarter is within reach, marking its highest price in almost three years. DOGE has kept up its massive climb into the weekend, soaring nearly 20% in the last 24 hours to sit at $0.247. The last time Dogecoin traded this high was back in November 2021, during a crypto rally that took Bitcoin to its then-record high of around $69,000.
As the original meme coin, Dogecoin has more than doubled in value in just the past month, rising by 128%. Over the last week alone, DOGE is up 66%, according to CoinGecko. Still, it’s far from its peak price of $0.73 reached in May 2021.
What’s Fueling the Current Dogecoin Pump?
Dogecoin has been on a major upswing recently, fueled by Tesla and SpaceX CEO Elon Musk. Musk, a longtime Dogecoin supporter, threw his weight behind Donald Trump during the campaign, even joining the now President-elect on the campaign trail.
While rallying for Trump, Musk floated the idea of a new government agency called the Department of Government Efficiency (D.O.G.E.), a position Trump suggested Musk might lead. The hype around Musk’s involvement has helped boost Dogecoin’s price, hitting levels it hasn’t seen in months.
With Trump’s victory now official and the broader crypto market responding to his pro-crypto promises, Dogecoin traders are buzzing, sending the coin soaring to highs unseen since 2021.
Dogecoin isn’t the only cryptocurrency surging. Bitcoin nearly hit $80,000 on Sunday, peaking at $79,993, according to CoinGecko. It first broke past its old record of $73,737 last Tuesday, when Trump’s win started to look more certain, and has been climbing ever since.
Dogecoin’s recent surge is a sign of growing optimism in the crypto space as Trump gears up to take office, backed by a Republican-controlled Congress. Many hope this could mean a more favourable regulatory environment for digital assets. Over the past five days, Dogecoin has jumped 50%, reaching around $0.247—its highest since late 2021. The rally has been fueled by Elon Musk’s vocal support and his ties to Trump’s campaign, drawing fresh interest from both traders and investors. While “Doge to a dollar” may still seem distant, hitting a quarter now appears within reach.
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