Dogecoin has survived a significant price increase. The largest memecoin overtook both XRP and USDC in terms of market capitalization on Sunday.
By Sunday evening, the cryptocurrency was up over 25% over the previous 24 hours, a and closed the week with a 74% increase. The exchange rate even jumped above 29 US cents, which has not been seen since July 2021. With this, he successfully broke his annual record of 22 dollar cents. By Sunday evening, the market capitalization of DOGE was more than 38 billion dollars, while that of USDC and XRP was over 37 and 33.3 billion dollars, respectively.
The connection between Elon Musk, the tech entrepreneur, and the Trump administration may be behind the rally. Musk mentioned it several times the creation of a “Department of Government Efficiency”, abbreviated as DOGE. This plan boosted traders’ expectations that the ‘DOGE’ name would gain more attention in the mainstream media and in the retail trade. This further increased interest in dogecoin.
The 10 largest cryptocurrencies by market capitalization as of November 10, 2024, night. Source: CoinGecko.
Dogecoin’s market performance has more than doubled in the past month. That’s partly because Republican presidential nominee Donald Trump has announced that if elected to a second term, he will ask Musk to lead a “commission on government efficiency.” This news further boosted Dogecoin’s trading activity.
There is also great interest in the futures market
Significant activity was also experienced in the futures market. In the past week, the total value of contracts (open interest or OI) increased by 33%, reaching 1.8 billion dollars. That’s close to April’s all-time high.
In addition to Dogecoin, an Ethereum-based parody memecoin, DOGE, also showed outstanding growth. This has resulted in an increase of more than 600% since the beginning of October. Although its market capitalization is only $160 million, the increase in interest in the token further reflects the growing demand for meme-based cryptocurrencies.
According to analysts, the Dogecoin rally is not over yet. Based on previous reports, traders believe that interest in DOGE may remain strong in the near term, especially due to political and media attention.
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