Dogecoin, the leading meme coin, notably surged on Thursday due to Donald Trump’s mention of the Department of Government Efficiency during his rally at Madison Square Garden.
The move also broke DOGE’s previous trading range of between $0.08 and $0.12 that the asset traditionally held. At the time of writing, the cryptocurrency was trading up almost 15% over the past 24 hours.
Although Dogecoin’s price action has always been influenced by Elon Musk’s social media activity, the political connection represents another turning point in market dynamics. During the rally, its trading volume exceeded $2.5 billion, demonstrating immense interest in the market.
Market data shows interesting trends in the distribution of Dogecoin holders; the largest portfolio retains more than 21% of the total supply, valued today at approximately $4.9 billion. Cryptocurrency remains very relevant on cryptocurrency trading platforms, especially on Robinhood, where it accounted for 62% of all cryptocurrency trading volume.
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