Dogecoin, the leading meme coin, surged notably on Thursday due to Donald Trump’s mention of the Department of Government Efficiency during his Madison Square Garden rally. The association drove an extraordinary rally that catapulted the cryptocurrency above $0.16, breaking months of stale trading.

That move also broke DOGE's earlier trading range of $0.08 to $0.12 which the asset traditionally maintained. At the time of writing, the cryptocurrency was trading up nearly 15% over the past 24 hours.

While Dogecoin’s price action has always been informed by Elon Musk’s social media activity, the political connection is another twist in market dynamics. During the rally, its trading volume jumped past $2.5 billion, showing immense interest in the market.

Market data shows interesting patterns in Dogecoin's holder distribution; the largest wallet keeps custody of more than 21% of the total supply, valued at approximately $4.9 billion today. The cryptocurrency stays highly relevant on crypto trading platforms, particularly on Robinhood, where it accounted for 62% of all cryptocurrency trading volume.

Following Musk’s comments, another token using the same ticker called DOGE and named after the Department of Government Efficiency has gained popularity. This newer token trades on Uniswap V2 and has also seen its price increase from $0.006 to $0.055, although with considerably more risk due to highly concentrated wallet holdings.