Dogecoin (DOGE) Price Soars 22% in Hours: Here’s Why

The cryptocurrency market has gone parabolic within the last couple of hours, and it has everything to do with the US presidential elections.

Dogecoin is no exception. The DOGE price increased by more than 22% in just a few hours, soaring above the pivotal $0.20 level.

Source: TradingView

As a matter of fact, the price almost touched $0.22 a few minutes ago, but it has retraced a bit since then.

This comes amid increased odds of success for the Republican candidate – Donald Trump.

As CryptoPotato reported, 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 entire last week and has managed to replace XRP as the 7th-largest cryptocurrency by total market capitalization.

Source: CoinGecko

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

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