Over the weekend, the DOGE price shot up by 14%, allowing it to leapfrog XRP and secure its spot as the seventh-largest cryptocurrency by market cap. XRP Army in disbelief.
Old dog is not slow dog
Thanks to a wave of bullish sentiment fueled by none other than Elon Musk, DOGE has seen a remarkable rise.
The token jumped above 23 cents, reaching levels not seen since November 2021, and has now recorded 55% gain over the past week.
With a market cap exceeding $34 billion, it’s officially flipped XRP’s $33.3 billion valuation.
If this momentum keeps up, DOGE could even surpass the stablecoin USDC, which has a market cap of $37 billion, by Tuesday. It’s very unlikely, but it could happen.
Political buzz
So, what’s behind this surge? Well, Dogecoin has been riding high on renewed interest following discussions about its potential role in Donald Trump’s administration.
Musk has been vocal about creating a “Department of Government Efficiency,” cleverly abbreviated as D.O.G.E., which has traders buzzing with hype.
This speculation is driving more attention and trading activity around Dogecoin, with Trump hinting at enlisting Musk to run a government efficiency commission if he wins again, it’s no wonder traders are getting hyped.
Futures market heating up
Open interest in Dogecoin futures is nearing all-time highs, with a 33% increase just last week.
Currently, there are over 8.33 billion DOGE in open interest, worth about $1.8 billion at today’s prices.
But there’s also a parody D.O.G.E memecoin on Ethereum that has skyrocketed more than 600% since early October!
While its market cap is smaller at just over $160 million, it shows that the DOGE craze is spreading.
Traders are optimistic that this rally isn’t slowing down anytime soon. With Musk’s influence and the political environment shifting in favor of crypto, many believe Dogecoin could continue to gain traction.
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