Dogecoin, the crypto known for its dog-themed branding, has experienced a dramatic price surge of 51% over the past 24 hours, bringing its trading value to $0.43 and its market capitalization to approximately $63.5 billion.

This marks a significant increase from a market cap of around $16 billion just one month ago, positioning Dogecoin as the sixth-largest cryptocurrency by market capitalization.

The surge in Dogecoin's value is reportedly linked to the involvement of Elon Musk, CEO of Tesla and SpaceX , in the upcoming Trump administration. Analysts suggest that Musk’s active participation in political campaigning and his support for former President Donald Trump may contribute to the recent interest in Dogecoin.

Musk has publicly backed Trump’s reelection efforts, even pledging to donate $1 million daily until the election.

Nick Ruck, director at LVRG Research, noted that Dogecoin’s surge is linked to speculation surrounding Musk's role in the new administration. "Speculators believe Musk's involvement in the new White House administration may boost the price of DOGE in the future," Ruck stated , highlighting the cryptocurrency's underperformance in previous market cycles compared to its peers.

Additionally, a recent mention of a potential "Department of Government Efficiency (DOGE)" within a Trump-led government has further fueled interest in the meme coin.

Min Jung, a crypto analyst at Presto Research, emphasized Dogecoin's status as the leading meme coin and its recognition among retail investors as key factors in its current prominence.