Key takeawaysDogecoin has performed remarkably over the past few days, surpassing Bitcoin and other top coins.While Bitcoin gained 18.5% in the last seven days, DOGE gained 94% over the same period, exceeding expectations.Bloombergs global team leader, Michael Regan, thinks several factors drive Dogecoins rally.Dogecoin Hit Multi-Month Highs, Surpassing BTC in Recent Market RallyWith its recent performance, leading memecoin Dogecoin (DOGE) has captured significant attention. Following Donald Trumps election victory, Dogecoins price rapidly increased, reaching $0.4359 on November 12, a value not seen since June 2021.DOGE currently trades around $0.4, with a 94% increase over the past week and 245.9% in the last month.In contrast, the price of Bitcoin, often seen as the market leader, has only surged 19% over the past week and 35.5% in the last month.While Dogecoin price is a far cry from Bitcoins value of $87,948, its performance has been nothing but incredible. DOGEs outperformance of BTC is quite surprising, given its just a meme coin with little to no utility.Bloombergs crypto lead, Michael P. Regan, attributed this performance to high investor interest in crypto following Donald Trumps victory. In a November 12 interview, Regan highlighted various factors that could be fueling Dogecoin price rally.Whats Fueling the DOGE Rally?One of the factors Regan mentioned that could be behind Dogecoins rapid rise is its payment utility. Regan mentioned Dogecoins lower transaction fees.According to the expert, Dogecoins transaction fees are lower than those of other cryptocurrencies, including Bitcoin. This has made it a preferred option for international payments.For example, he mentioned that Venezuelans outside the country can send money at cheaper rates to their family and friends using dogecoin.Also, Regan highlighted how people have developed payment apps that accept DOGE. As an example, he cited Brooklyn-based Williamsburg Pizza.Further, Regan attributed Dogecoins recent rally to the Elon Musk effect. He noted that Musks liking for internet memes conforms with Dogecoins meme nature.During his campaign for Donald Trumps election, Musk proposed an agency called the Department of Government Efficiency, which is abbreviated as D.O.G.E. The agency aims to reduce tax expenses and government expenditures while streamlining operations.Musk repeatedly included the Dogecoin logo (a Shiba Inu dog) alongside AI-generated images of himself when teasing about the agency on X.His posts garnered significant attention, sparking speculations about the possibility of using Dogecoin in the Trump administration. While Musk never explicitly mentioned Dogecoin or its utility in his posts about the proposed agency, many investors believe it could bolster DOGEs value.This belief contributed to fueling investor interest in Dogecoin, driving its price following Trumps victory.Additionally, Regan cited how the prices of certain stocks increased more when the S&P 500 recorded a slight surge. In the same way, he said Dogecoin is more volatile than Bitcoin.This higher volatility is why DOGE tends to rise more whenever Bitcoins price records increase and plunge more whenever it drops.Add Techreport to Your Google News Feed Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now! Subscribe now Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy. View all articles by Rida Fatima Our editorial processThe Tech Reporteditorial policyis centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written byreal authors.