Dogecoin (DOGE), the leading meme-based cryptocurrency, experienced a significant 34% surge on November 11, propelling its market capitalization to over $42 billion, surpassing XRP, which is valued at $33.3 billion.
The surge reflects a week of heightened bullish sentiment, largely driven by influential endorsements from Elon Musk, whose impact has been amplified following the recent re-election of Donald Trump.
DOGE’s price surged beyond $0.23, a level not seen since November 2021, and surpassed its previous yearly high of $0.22 in April. As of now, the cryptocurrency is priced at $0.2809, and its market cap stands at $41.22 billion.
Over the past seven days, DOGE has gained an impressive 86%, with traders speculating that the rally could extend further. Some anticipate that if the current momentum holds, DOGE could challenge its all-time high of $0.7376, set in May 2021. There are even predictions that DOGE could soon surpass the stablecoin USDC, with a potential market cap of $37 billion by mid-week.
Futures contracts tied to DOGE have seen a sharp 33% increase in open interest over the past week, reaching 8.33 billion DOGE, equivalent to approximately $1.8 billion. This surge indicates strong and sustained investor interest.
The growing popularity of DOGE has been further fueled by Musk’s recent proposal to establish a “Department of Government Efficiency” (D.O.G.E.) within the Trump administration. This idea, coupled with rumors that Musk might be appointed to lead a new government efficiency commission, has sparked widespread media attention and contributed to the ongoing price rally.
As enthusiasm continues to build, traders are optimistic that DOGE’s ascent may persist, bolstered by Musk’s involvement, mainstream recognition, and a supportive market.
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