Dogecoin (DOGE) is surging, with a price increase of 14% on Sunday. This new record has pushed the memecoin past XRP to become the seventh-largest cryptocurrency by market capitalization. This price surge has pushed the 7-day gain of the memetoken to 55%, driven by increasing bullish sentiment.
DOGE surpasses XRP, heading toward USDC as market growth momentum continues
On Sunday, the price of DOGE rose above 23 cents, reaching its highest level since November 2021. This price surge has pushed the market value of the coin to over $34 billion, surpassing XRP, which has a market capitalization of $33.3 billion.
If DOGE maintains its growth momentum, it could soon surpass Circle's stablecoin USDC, valued at $37 billion. This would be a significant achievement for Dogecoin, which has recently seen a resurgence in interest and trading activity.
The rise of Dogecoin can also be clearly seen in its futures market, where open interest is approaching an all-time high. Since last week, open interest has increased by 33%, currently exceeding 8.33 billion DOGE, worth over $1.8 billion at current prices. This increase in open interest indicates that traders are betting on the continued rise of DOGE prices.
Dogecoin sees the influence of Elon Musk and political conversations
A key factor behind the resurgence of Dogecoin is the renewed interest sparked by Elon Musk's involvement in Donald Trump's political moves. This connection has fueled optimism and increased market attention around Dogecoin.
Musk has publicly proposed the idea of a 'Government Effectiveness Department' (DOGE). This initiative aims to use the name Dogecoin to attract attention and increase its visibility. This potential has generated excitement among traders.
Market participants speculate that mentions of DOGE in mainstream media or retail circles will boost trading activity. Donald Trump's actions further add to this speculation. He suggested that if he were to become president again, he might appoint Elon Musk as head of a government efficiency committee.
This political connection may keep the Dogecoin story in the spotlight. This asset may continue to attract media attention and maintain the interest of retail investors, ensuring Dogecoin remains relevant in public discussions.
Dogecoin leads as DOGE surges 600%
The rise of Dogecoin is not the only noteworthy story about memecoins. A knockoff memecoin, DOGE on Ethereum, has surged over 600% since October, although its market capitalization remains at $160 million. This indicates that meme coins are regaining growth momentum, with Dogecoin leading the way.
Currently, traders remain optimistic about the trajectory of Dogecoin, with many believing that this price increase is far from over. With Musk's involvement and political rumors surrounding Trump, Dogecoin may continue to exceed expectations and capture more market share in the coming weeks.
