The cryptocurrency market has been on fire in the last few hours, largely due to the results of the U.S. presidential election.

Dogecoin has also hopped on this fast train, with its price skyrocketing over 22% in just a few hours, reaching above $0.20, and even nearly touching $0.22, though it dropped back a little later.

Reports say that on the prediction market Polymarket, the likelihood of Republican candidate Trump winning the presidential election has approached 90%.

Dogecoin's performance last week was also impressive, surpassing XRP to become the seventh-largest cryptocurrency by market cap.

The reason Dogecoin has risen so much is mainly because people are speculating that if Trump wins, he might create something called the "Department of Government Efficiency" and appoint Elon Musk as the head. Musk mentioned this in a podcast a few days ago, and the price of Dogecoin surged again.

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