A lot of that value was created on the back of Elon Musk's support, which has been ongoing since 2019. In fact, Dogecoin's most recent rally was sparked by Musk's involvement in the Trump administration, where he temporarily ran an external government agency with a name that references the meme token.

"Shame on those who voted for it: you know you did wrong," the Tesla CEO wrote, citing projections that the legislation would add more than $2 trillion to the national debt.