Dogecoin (DOGE) has surpassed XRP in value, thanks to the continued support from technology entrepreneur Elon Musk. In the past 24 hours, DOGE prices have surged by 14%, leading to a 55% increase over the past week. This surge has pushed Dogecoin’s market capitalization to over $34 billion, flipping XRP’s market cap of $33.3 billion.
The rise in Dogecoin’s value can be attributed to Elon Musk’s endorsement and the possibility of Dogecoin being included in the Trump administration. Musk has hinted at creating a “Department of Government Efficiency” abbreviated as D.O.G.E, which has fueled speculation that Dogecoin could gain more mainstream media attention and attract more traders.
If the current price momentum continues, DOGE could even surpass stablecoin USDC, which has a market cap of $37 billion. This surge in Dogecoin’s value has also led to a significant increase in open interest in dogecoin-tracked futures, reaching over 8.33 billion DOGE, equivalent to $1.8 billion at current prices.
It’s not just Dogecoin that is experiencing a surge; a parody D.O.G.E memecoin on Ethereum has also seen a significant increase of over 600% since early October. Despite the rise in value, traders believe that the Dogecoin rally is far from over, as there is still a lot of interest and speculation surrounding the cryptocurrency.
Overall, the support from Elon Musk and the potential integration of Dogecoin into the Trump administration have significantly boosted Dogecoin’s value and market capitalization. Traders are closely monitoring the price movements and are optimistic about the future of Dogecoin in the cryptocurrency market.
