The largest memecoin, Dogecoin 
$0.434184 (DOGE), alongside other memecoins, has surged with support from Elon Musk. In the last 24 hours, DOGE gained over 25% in value, achieving over a 65% increase in the past 30 days, making it one of the most profitable major altcoins in the market. Musk has continued to back Dogecoin since 2021 and recently proposed establishing the “Department of Government Efficiency” (D.O.G.E.) in the U.S. administration, aimed at making government spending and financial planning more efficient. This proposal gained more attention following Republican candidate Donald Trump’s re-election as president.
Trump’s Victory Triggers DOGE’s Rise
According to Fox News, results announced in early European hours confirmed that Donald Trump has regained the presidency of the United States. Trump’s victory in the elections has positively impacted the cryptocurrency market, pushing up Dogecoin alongside Bitcoin 
$98,358 and other altcoins.
In the last 24 hours, more than $30 million worth of short positions were liquidated in Dogecoin futures. This indicates that investors are closing losing positions, thereby supporting the price increase.
The open interest in Dogecoin futures contracts rose from 7 billion coins on Monday to 8.3 billion coins today. This increase in open interest reflects the rapidly growing demand for Dogecoin and expectations for a continued price rise.
Other Memecoins Also See Gains
Musk’s support has influenced not only DOGE but also the Ethereum 
$3,419-based D.O.G.E token. This memecoin gained 77% in the last 24 hours and has surged over 500% since it first gained attention. The optimistic sentiment around Dogecoin has also benefited other dog-themed memecoins, with Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) rising over 10%.
Cryptocurrency analyst unipcs noted that Musk’s support for Trump and the narrative surrounding the ‘Department of Government Efficiency’ were pivotal in Trump’s victory. They believe that DOGE and Ethereum-based D.O.G.E coins will reach higher values in the future. The analyst stated, “The Musk effect has yet to be priced in for DOGE,” suggesting increased media attention and continued value appreciation for DOGE.
