The price of Dogecoin ($DOGE) has risen 48% in the past 24 hours and has nearly doubled in the past five days, amid a broader rally in cryptocurrencies.

Dogecoin is now up 95% since Donald Trump won the US presidential election on November 5. The price of the meme coin has reached the $0.40 mark for the first time since May 2021, when it hit an all-time high of just over $0.70.

The current rally has revived hopes among crypto bulls that Dogecoin will rise to $1, which has long been a goal among fans of the popular meme coin. Dogecoin is an image of a cartoon dog. The digital token started as a joke, but has built up a loyal following in recent years.

Association with Elon Musk

Much of Dogecoin’s popularity and acceptance is due to the meme coin’s association with Tesla (TSLA) CEO Elon Musk. At various times, Musk has promoted Dogecoin on social media, driving up the price. The current rally in DOGE comes amid expectations of lighter regulation and broader adoption of crypto under a second Trump term.

It also comes as Elon Musk, one of Trump’s biggest campaign supporters, is seen as the winner of the US election results. Musk has talked about creating a “Department of Government Efficiency,” abbreviated as DOGE, that will make government spending more efficient. Investors appear to be clinging to Musk’s association with Dogecoin amid the broader rally in crypto.

Is DOGE a purchase?

There are no analyst ratings or price targets for Dogecoin. So instead we look at the meme coin’s performance over three months. As you can see in the chart below, DOGE’s price is up 247% over the past three months, amid a massive rally in the broader cryptocurrency market.