Dogecoin flipped XRP early Sunday, pumping 31% in the last 24 hours
The Crypto markets are heating up and while Bitcoin has continued to hit new all highs and is now above $80,000, altcoins are having a moment too. One of the biggest early movers is DOGE. Over the past week, DOGE has skyrocketed 89%, pushing its value to levels last seen in November 2021.
The token hit 27 cents, surpassing its April high of 22 cents, and now boasts a market capitalization of over $40 billion, overtaking XRP’s $37.3 billion. Yes, that’s correct, DOGE has flipped XRP.
The rally comes amid heightened trading activity and speculation tied to Musk’s discussions about forming a “Department of Government Efficiency” (D.O.G.E) under a potential Trump administration. The prospect of DOGE becoming part of the political lexicon has captured traders’ imaginations, pushing the token into the spotlight.
As Tommy Moustache wrote on X, “D.O.G.E. Would be a bigger narrative than AI and other sectors now that President Trump won. Every major news network will be covering D.O.G.E. Elon might meme $DOGE to $1 this cycle. Now that Trump has won and more celebrities might start joining the D.O.G.E. Team with Elon and tweeting about it, this movement might snowball into a new national movement that is constantly covered and written about my major news network. You need to front run those Bitcoin whales with their thousands of Bitcoin rotating to $DOGE once Bitcoin dominance hits 62% to 65%. $DOGE to $1 is programmed this cycle.”
Musk, who has been vocal about streamlining government processes, might lead a “government efficiency commission” should Trump secure another term. This political twist has further fueled DOGE’s ascent, with open interest in dogecoin futures nearing record levels. Futures activity has surged 33% in just a week, now representing over 8.33 billion DOGE, or about $1.8 billion at current prices.
The attention that DOGE brings to the crypto markets is positive, and could be an early sign of retail returning to the markets as Google search trends show.
