Dogecoin (DOGE) is on a remarkable rally, climbing 48% in the past 24 hours and crossing the 41-cent mark for the first time since May 2021. The popular meme cryptocurrency has surged over 150% in the past week and nearly tripled in value over the last 30 days, according to recent data.
The Impact of Musk's Endorsement
Dogecoin's latest spike is attributed largely to positive sentiment surrounding endorsements from technology entrepreneur Elon Musk. Under the current administration, Musk has floated the idea of a “Department of Government Efficiency,” or D.O.G.E, aimed at enhancing government spending efficiency. This lighthearted concept has led many to speculate that further mentions of “DOGE” in mainstream media could draw more interest from retail traders.