Janice R. Andrews
A remarkable rally saw Dogecoin (DOGE) overtake XRP in market value early Sunday, fueled by Elon Musk’s endorsements and heightened trader activity. The cryptocurrency experienced a notable 14% increase within 24 hours and achieved a 55% gain over seven days, reaching $0.23—a peak not seen since November 2021.
This momentum pushed Dogecoin’s market value above $34 billion, exceeding XRP’s $33.3 billion. The surge positions DOGE to potentially surpass USDC’s $37 billion market cap by Tuesday if the trend continues.
The surge coincides with increasing political relevance, as Elon Musk suggested creating a “Department of Government Efficiency” (D.O.G.E) during a potential second Trump presidency. This connection to mainstream politics has attracted significant attention from retail investors.
In derivatives trading, Dogecoin futures are approaching peak levels last observed in April. The past week saw a 33% increase in open interest, with futures contracts now encompassing 8.33 billion DOGE (approximately $1.8 billion).
Meanwhile, a related development has seen an Ethereum-based parody token called “D.O.G.E.” experience a dramatic 600% increase since early October, though at a smaller scale with its $160 million market cap.
Market observers remain bullish on Dogecoin’s trajectory, anticipating continued growth as political discussions evolve.
