According to CoinDesk, influenced by Elon Musk's support, the price of Dogecoin (DOGE) has risen by 14% in the past 24 hours and 55% in 7 days. The price of DOGE has exceeded 23 cents, and the market value has exceeded 34 billion US dollars, surpassing XRP's 33.3 billion US dollars.
DOGE is expected to surpass the $37 billion stablecoin USDC on Tuesday if the current trend continues. DOGE has doubled in value over the past month as its acronym could become part of the Trump administration, attracting trading interest.
Musk has discussed creating a "Department of Government Efficiency," abbreviated as D.O.G.E., increasing market attention to Dogecoin. Meanwhile, open interest in Dogecoin futures is near an all-time high, up 33% from last week to 8.33 billion DOGE, or about $1.8 billion.
Additionally, the D.O.G.E Meme coin on Ethereum has risen more than 600% since the beginning of October, with a market cap of more than $160 million. Traders do not expect Dogecoin’s rally to end anytime soon.
