Dogecoin's price surged by 10% within 24 hours, soaring over 12 cents, fueled by vibrant discussions on social media and expectations of more endorsements from Elon Musk.

Elon Musk's $75 million contribution to a political action committee supporting Donald Trump's campaign has likely bolstered interest in Dogecoin. Additionally, Musk has proposed a "Department of Government Efficiency," which intriguingly aligns with the DOGE abbreviation.

Market analysts suggest Musk's recent activities and possible future endorsements could lead to increased retail interest in Dogecoin, especially amidst speculation of a Trump election victory. Influential trader and social media users noted that the potential for a Trump administration could spark even more discussions about DOGE.

"Elon Musk is likely to meme the 'Department of Government Efficiency' into existence, especially with Trump behind the push!" tweeted @theunipcs. Another user remarked, "Is it possible that a government agency will soon be named after a cryptocurrency?"