Why is Dogecoin price up today?

DOGE price is up a further 23% today, pushing the token above USDC and XRP to make it the sixth-largest by market capitalization.

Dogecoin (DOGE), the largest memecoin by market capitalization, has rallied more than 23% in the past 24 hours, emerging as the best crypto market performer amid anticipation surrounding Elon Musk’s support of the memecoin in the Trump administration. 

Currently trading at $0.2771, DOGE has reached its highest value since Oct. 2021, marking an 86% climb over the last seven days and is up 152% over the last month.

DOGE/USD daily chart. Source: TradingView

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