Elon Musk's favorite cryptocurrency, Dogecoin (CRYPTO: DOGE), became one of the biggest market gainers in the last 24 hours, most likely due to his social media activity. What happened: The biggest meme token by market cap,

An Elon Musk tweet fired up meme coin Dogecoin (DOGE) and sent the Department of Government Efficiency (DOGE) soaring, making the original DOGE the best-performing major meme coin before profit taking set in.

Some market watchers expect a Trump win and Musk’s closeness to the Republican as forthcoming catalysts for dogecoin.