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Dogecoin (DOGE) is on a tear, with prices surging 14% on Sunday. This new record propelled the memecoin above XRP to become the seventh-largest cryptocurrency by market capitalization. This surge pushes the memetoken’s 7-day gains to 55%, fueled by rising bullish sentiment.
DOGE Surpasses XRP, Eyes USDC as Market Momentum Grows
On Sunday, DOGE’s price rose above 23 cents, hitting its highest since November 2021. This surge boosted its market value to over $34 billion, overtaking XRP, which had a market capitalization of $33.3 billion.
If DOGE maintains its momentum, it could soon surpass Circle’s stablecoin USDC, valued at $37 billion. This marks a major achievement for Dogecoin, which has recently seen a resurgence in interest and trading activity.
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The surge in Dogecoin is also visible in its futures market, where open interest is approaching all-time highs. Since last week, open interest has jumped 33%, now exceeding 8.33 billion DOGE, which is worth over $1.8 billion at current prices. This increase in open interest indicates that traders are betting on the continued rise of DOGE’s price.
Dogecoin Sees Elon Musk’s Influence and Political Chatter
A key factor behind Dogecoin’s resurgence is the renewed interest sparked by Elon Musk’s involvement with Donald Trump’s political moves. This connection has fueled optimism and increased market attention around Dogecoin.
Musk has publicly proposed the idea of a “Department of Government Efficiency” (D.O.G.E.). This initiative is poised to use Dogecoin’s name to attract attention and increase its visibility. This possibility has fueled excitement among traders.
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Market participants speculate that mentioning DOGE in mainstream media or retail circles will boost trading activity. Donald Trump’s actions further fed into speculation. He suggested that if he becomes the president the second time, he might appoint Elon Musk to lead a government efficiency commission.
This political connection could keep the Dogecoin narrative in the spotlight. The asset could continue to generate media attention and sustain interest from retail investors, keeping Dogecoin relevant in public discussions.
Dogecoin Leads as D.O.G.E. Soars 600%
Dogecoin’s rise is not the only notable memecoin story. A parody memecoin, D.O.G.E. on Ethereum, has surged over 600% since October, though its market cap remains at $160 million. This shows that meme coins are gaining momentum again, with Dogecoin at the forefront.
Now, traders remain optimistic about Dogecoin’s trajectory, with many believing this rally is far from over. With Musk’s involvement and political rumors around Trump, Dogecoin may continue to exceed expectations and capture more market share in the coming weeks.
