Dogecoin (DOGE) rose to $0.21 on US Election Day, hitting a seven-month high after days of hype sparked by Elon Musk’s playful tweets and public appearances alongside former President Donald Trump.

DOGE is up 30% in the last 24 hours and 20.6% in the last 7 days, CoinGecko data shows. The meme coin was also flipped ripple (XRP) and becomes the seventh largest cryptocurrency with a market capitalization of $30 billion.

Although still below its May 2021 all-time high of $0.73, DOGE’s Election Day rally points to the meme coin’s continued appeal.

Dogecoin’s election day surge is in line with a larger trend of optimism in the crypto market. Lead Crypto Bitcoin (BTC) hit a new all-time high of $74,504, driven by demand for Bitcoin ETFs and the optimistic atmosphere surrounding a possible Trump victory.

“Even though Bitcoin is at record highs, it seems like this rally may just be beginning,” said Josh Gilbert, market analyst at eToro Decipher in a statement. “There is a lot of weight behind this bull market and that could push the asset further higher.”

That could be a good sign for altcoins, including DOGE, which usually rise alongside significant moves in the world’s largest cryptocurrency.

In the days before the election, Tesla and Space CEO Elon Musk and presidential candidate Trump meet teased The idea of ​​a “Department of Government Efficiency” (DOGE) sparked excitement among Dogecoin fans.

Musk’s playful exploration of the concept through his Tweets and subtle mentions during the campaign, as well as Trump’s vocal support of a pro-crypto agenda, created a stir that pushed DOGE to a five-month high, up 84% in the last month.

Unlike Vice President Kamala Harris, who has not been as vocal about crypto policy, Trump has presented himself as a friend of the crypto community. Many view Trump’s possible return to office as a positive development for crypto and expect favorable regulations under his leadership.

Analysts have dubbed this rally a “Trump trade” as investors anticipate Trump’s policies could boost the crypto industry.

Musk is known for helping DOGE reach its all-time high in 2021 through a series of tweets. His recent comments about the leadership of the “DOGE” agency have fueled speculation and given fans reason to believe that he still supports Dogecoin.

Although Musk has recently downplayed his involvement in cryptocurrencies, the suggestion that he could lead a “DOGE” agency in the event of a Trump victory only adds to further speculation that has been witnessed in recent months.

Founded in 2013 as a playful parody of Bitcoin, Dogecoin has become one of the top cryptocurrencies thanks to internet culture and the influence of personalities like Musk.

Edited by Sebastian Sinclair