Dogecoin (DOGE) Soars 25% on Election Night Amid Heightened Expectations of an Elon Musk-Touted Department of Government Efficiency (DOGE) Under the New Donald Trump Administration

The original meme coin exploded more than 25% in the last 24 hours to $0.20, the highest it has been in the last seven months.

Dogecoin (CRYPTO: DOGE) price soared on Tuesday night as the meme coin appeared to be closely tracking the performance of Republican presidential nominee Donald Trump in the 2024 election.

What Happened: Dogecoin price exploded more than 25% in the last 24 hours to $0.20, marking the highest level for the meme coin in the last seven months.

DOGE's trading volume also surged 117% to over $6 billion, making it the third-most traded cryptocurrency in the last 24 hours, behind Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The rally pushed the meme token's monthly gains past 84% and year-to-date returns to 135%.

See Also: Will Donald Trump Prematurely Claim Victory? 5 Polymarket Markets To Watch On Election Night

The jump came as the cryptocurrency market appeared to be leaning in favor of a Trump victory after preliminary results showed the GOP nominee securing Kentucky and Indiana while also leading in the battleground states of Georgia and Pennsylvania.

The odds of a Trump win shot up to 88% on cryptocurrency-based prediction market Polymarket as of this writing.

Trump's victory is closely tied to DOGE's fortunes, as Tesla (NASDAQ:TSLA) and SpaceX CEO Elon Musk, who is arguably the coin's most influential cheerleader, would join the administration to lead the so-called DOGE department to address what he saw as issues in the federal bureaucracy.

Musk has been marketing the DOGE department everywhere, from X posts to political rallies, resulting in brief but sharp rises for the meme coin.

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