Popular dog-themed meme cryptocurrency, Dogecoin (CRYPTO: DOGE), soared on election night amid heightened expectations of an Elon Musk-touted Department of Government Efficiency (DOGE) under the new Donald Trump administration.

What happened: The original meme coin exploded more than 25% in the last 24 hours to $0.20, the highest it has been in the last seven months. 

DOGE's trading volume spiked 117% to over $6 billion, making it the third-most traded cryptocurrency in the last 24 hours, behind Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The rally pushed the meme token's monthly gains past 84% and year-to-date returns to 135%. 

See Also: Will Donald Trump Prematurely Claim Victory? 5 Polymarket Markets To Watch On Election Night

Why It Matters: The jump came as the cryptocurrency market leaned in favor of a Trump victory after preliminary results showed the GOP nominee securing Kentucky and Indiana while also leading in the battleground states of Georgia and Pennsylvania. 

The odds of a Trump win shot up to 88% on cryptocurrency-based prediction market Polymarket as of this writing.

Trump's victory is closely tied to DOGE's fortunes, as Musk, arguably the coin's most influential cheerleader, would join the administration to lead the so-called DOGE department to address what he saw as issues in the federal bureaucracy.

Musk has been marketing the DOGE department everywhere, from X posts to political rallies, resulting in brief but sharp rises for the meme coin.

Price Action: At the time of writing, Dogecoin was exchanging hands at $0.2046, up 25.64% in the last 24 hours, according to data from Benzinga Pro.

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