Dogecoin (DOGE) price rises 22% in hours – here’s why

The cryptocurrency market has gone parabolic in the last few hours and it has everything to do with the US presidential election.

Dogecoin is no exception. The price of DOGE rose more than 22% in a few hours, surpassing the fundamental level of $0.20.

Source: TradingView

In fact, the price almost touched $0.22 a few minutes ago, but has pulled back a bit since then.

This comes amid Republican nominee Donald Trump’s odds of success.

As reported by CryptoPotato, his odds of winning the presidential race have increased to almost 90% on the popular prediction market Polymarket.

Source: Polymarket

Dogecoin has been a stellar performer throughout the past week, managing to replace XRP as the seventh largest cryptocurrency by total market capitalization.

Source: CoinGecko

Much of the gains that Dogecoin recorded can be attributed to traders expecting Trump to win the election and create the so-called Department of Government Efficiency (DOGE for short), headed by none other than Elon Musk.

Musk even referred to this in his latest appearance on Joe Rogan’s podcast the other day, causing yet another bombshell in DOGE’s price.

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