Dogecoin, the popular meme coin boosted by Tesla CEO Elon Musk, saw its price spike by more than 13% on Wednesday after Donald Trump claimed victory in the 2024 presidential race.

Other popular altcoins like Shiba Inu also saw a 4% spike, while bitcoin’s price jumped to more than $75,000. Prior to the election, the world’s largest cryptocurrency had been struggling to top its March high of approximately $73,000. Renewed optimism around cryptocurrency's post-election price trajectory, spurred by Trump’s victory at the ballot box, finally pushed it over the edge.

Memecoins have been enjoying popular resurgence in the period before Tuesday’s highly-anticipated election, performing even better than the digital asset market at large and reflecting greater risk-taking by investors.

Trump's successful White House run is expected to change crypto policy, sparking greater optimism about the price of digital assets. “With Donald Trump securing the presidency, significant changes are expected across various sectors, particularly for bitcoin and the cryptocurrency market,” said James Butterfill, Head of Research at CoinShares. “Trump’s administration is likely to pursue policies that foster a more favorable environment for bitcoin, potentially benefiting its value, adoption, and long-term viability.”

As for Dogecoin booster Musk, the tech tycoon is likely to take on an influential role in the incoming Trump administration. Rumors abound that Musk might be appointed to a Department of Government Efficiency, or DOGE, a jocular allusion to the memecoin. This appointment could potentially increase Dogecoin's visibility and support, though the full implications of this move remain to be seen.