Dogecoin is currently leading on U.S. Election Day gains among the top 100 cryptocurrencies by market cap—the original meme coin spiked on Tuesday, making quick gains before dropping slightly.

The coin, which is the eighth-biggest digital asset by market cap, hit a peak price of more than $0.177 before dipping again. DOGE is now up 10% on the day at a current price of $0.175, CoinGecko data shows.

Elon Musk's favorite cryptocurrency is the biggest winner among the top 100 coins over both a 24-hour and seven-day period, continuing a streak of gains that began in recent weeks.

Bitcoin, in comparison, has jumped by 1.5% in the past day and is now trading for $69,775.

The election probably has something to do with it: Tesla CEO Musk has become one of the loudest voices for former President Donald Trump as he seeks a second term in the White House.

And Trump has said that Musk, a longtime DOGE fan, could lead a government efficiency commission if he ultimately is voted back into the seat of power.

The department, according to Musk, would be dubbed the Department of Governmental Efficiency (D.O.G.E.)—leading traders to push Dogecoin's price higher whenever the SpaceX boss has made comments about his potential future role.

Trump has come out as the more vocal pro-crypto candidate ahead of the election, promising to help the industry grow. The real estate mogul has even launched a project called World Liberty Financial that will allow users to borrow and lend via Ethereum.

Musk, who helped Dogecoin grow by posting tweets and memes in 2020 and 2021, has recently said that he's not that involved in the crypto space. Still, he continues to push the biggest meme coin.

Dogecoin was created as a joke in 2013 by developers wanting to poke fun at Bitcoin. Its community has since grown—along with its market cap—and has spawned countless copycats and tributes alongside a thriving meme coin culture.

Edited by Andrew Hayward