Dogecoin (DOGE), the largest meme-focused cryptocurrency in the world, experienced an impressive growth of 34% on November 11, pushing its market capitalization above 42 billion dollars and surpassing XRP's valuation of 33.3 billion dollars.
This surge reflects a week of strong growth after Elon Musk confirmed DOGE, especially as Musk's influence grows under the newly re-elected administration of Donald Trump.
The price of DOGE surged above 0.23 dollars, marking the closest level recorded since November 2021 and surpassing the previous year's high of 0.22 dollars in April.
Over the past week, DOGE recorded a significant increase of 86%, and some traders speculate that this price increase may not end anytime soon. At the time of writing, the price of DOGE is 0.2809 dollars and its market capitalization is 41.22 billion dollars.
With recent growth momentum, DOGE may be on track to challenge its all-time high of 0.7376 dollars, set on May 8, 2021. If the current buying pressure continues, DOGE could soon surpass the stablecoin USDC, which has a market capitalization of about 37 billion dollars as of Tuesday.
The open interest in the futures contract tracking DOGE increased by 33% over the past week, reaching an impressive level of 8.33 billion DOGE, or approximately 1.8 billion dollars at current prices, which may signal sustained interest from investors in the token.
The recent popularity of DOGE partly stems from Elon Musk's proposal for a "Government Efficiency Office" (DOGE) in the Trump administration, boosting interest and speculation among retail investors. Rumors suggest that Trump may invite Musk to head the "government efficiency committee," which has garnered significant media attention and sparked optimism about the price.
Traders are optimistic that DOGE's upward momentum may continue due to Musk's involvement, public attention, and strong market support.
