Dogecoin (DOGE) experienced a significant jump in value, surging around 25.4% in the last 24 hours, reaching $0.2133.
The surge in price briefly pushed Dogecoin's market capitalization to over $29 billion, making it the seventh largest cryptocurrency by market value before declining.
The rally was sparked by Elon Musk's recent comments about government efficiency and his support for Dogecoin, leading to a 243.37% surge in trading volume.
Analysts predict a potential upward trajectory for Dogecoin, citing a historical pattern and the cryptocurrency's expanding network.