Why Dogecoin Is Barking Higher Today
The favorite meme coin of many crypto investors, Dogecoin (CRYPTO: DOGE), is touting another impressive performance today. This dog-inspired cryptocurrency is now up 7.7% over the past 24 hours, as of 12:45 p.m. ET, extending its impressive winning streak over the past few days, and bringing the one-month return for this digital asset to more than 185% at the time of this writing.
Of course, most of Dogecoin's recent moves have been tied to the reelection of former president Donald Trump. This token saw single-day surges of more than 20% following the election, and has nearly tripled over the course of just a month. It's clear that Elon Musk's proposed "Department of Government Efficiency," a nod to Dogecoin given the DOGE acronym, has helped. And where there's discussion among investors in the crypto community, there tends to be a disproportionate amount of excitement among meme coin investors. That much is true.
That said, there do appear to be some other key factors driving today's move in Dogecoin. Let's dive into what's propelling this token higher today.
Source Fool.com
