The value of Meme Coin is now double that of last month, soaring 155% in the process. Dogecoin surged 86% last week.

Elon Musk's activities have driven the token surge.

The current hype is driven by several factors. In addition, Musk's antics have increased the hype around the token in the past few months. During the U.S. presidential campaign, Elon Musk supported the now-elected Republican Donald Trump.

During the campaign, Musk joked that his followers should establish a Department of Government Efficiency (D.O.G.E), and the elected president said he could lead this department. This wave of excitement built upon the previous momentum of the token, pushing it to set various new highs in the past few months.

With Trump taking office as the President of the United States, the market's reaction to his commitments surged. This Republican candidate made several promises, even announcing that his first step would be to fire SEC Chairman Gary Gensler, along with other commitments. Since his victory, Dogecoin traders and the entire market have been in a frenzy, pushing the token price to its highest point since 2021.

Dogecoin flipped XRP's market cap to take its position.

As Dogecoin recorded a significant surge, it not only hit a high from 2021. The token's market cap also soared to over $35 billion, surpassing XRP's market cap of $33.7 billion. If it continues this trend, it will soon catch up to USDC's current market cap of $37 billion.

The open interest rate for Dogecoin futures is nearing an all-time high, with an open interest rate of about 33%. The open interest currently stands at 8.33 billion DOGE, valued at approximately $1.8 billion at current prices.

The frenzy around Dogecoin has also propelled the imitation token, Ethereum-based D.O.G.E, which has skyrocketed over 600% since early October.