First mentioned in mid-October, the potential for a government “Department of Government Efficiency” abbreviated as D.O.G.E., along with former President Donald Trump’s comments about Musk leading a government efficiency commission if he wins in 2024, has drawn substantial attention to the token.
Dogecoin's market capitalization now exceeds $34 billion, outpacing XRP's $33.3 billion. Over the past month, DOGE’s value has more than doubled, with open interest in dogecoin futures climbing to over $1.8 billion as more traders look to capitalize on its upward momentum. The meme coin's recent climb has inspired similar gains for a parody token on Ethereum, which has surged over 600% in the past month. With no signs of slowing down, many traders anticipate dogecoin’s rally will continue, driven by increased attention in both mainstream and retail circles.Dogecoin (DOGE) climbed over 14% on Sunday, surpassing XRP to become the seventh-largest cryptocurrency by market cap. DOGE’s recent surge has been fueled by renewed enthusiasm surrounding technology entrepreneur Elon Musk and discussions about establishing a “Department of Government Efficiency” (D.O.G.E) in a future Trump administration. This speculation has lifted DOGE by 55% over the past week, bringing prices to a new high of 23 cents, a level not seen since November 2021.The meme coin’s latest rally has pushed its market capitalization past $34 billion, putting it above XRP’s $33.3 billion. This rise also extends a broader upward trend, as DOGE has doubled in value over the last month. Musk’s comments on a potential D.O.G.E government initiative, along with his support for a government efficiency commission, have led many traders to anticipate further gains as “DOGE” garners mainstream attention.Dogecoin’s trading momentum is also evident in the futures market, where open interest has jumped by 33% since last week, now exceeding $1.8 billion at current prices. Even a parody D.O.G.E memecoin on Ethereum has seen a 600% rise since October, demonstrating the influence of the hype surrounding the original meme coin. Analysts suggest dogecoin’s rally may be far from over, with continued interest from both retail and institutional investors.
Dogecoin's market capitalization now exceeds $34 billion, outpacing XRP's $33.3 billion. Over the past month, DOGE’s value has more than doubled, with open interest in dogecoin futures climbing to over $1.8 billion as more traders look to capitalize on its upward momentum. The meme coin's recent climb has inspired similar gains for a parody token on Ethereum, which has surged over 600% in the past month. With no signs of slowing down, many traders anticipate dogecoin’s rally will continue, driven by increased attention in both mainstream and retail circles.Dogecoin (DOGE) climbed over 14% on Sunday, surpassing XRP to become the seventh-largest cryptocurrency by market cap. DOGE’s recent surge has been fueled by renewed enthusiasm surrounding technology entrepreneur Elon Musk and discussions about establishing a “Department of Government Efficiency” (D.O.G.E) in a future Trump administration. This speculation has lifted DOGE by 55% over the past week, bringing prices to a new high of 23 cents, a level not seen since November 2021.The meme coin’s latest rally has pushed its market capitalization past $34 billion, putting it above XRP’s $33.3 billion. This rise also extends a broader upward trend, as DOGE has doubled in value over the last month. Musk’s comments on a potential D.O.G.E government initiative, along with his support for a government efficiency commission, have led many traders to anticipate further gains as “DOGE” garners mainstream attention.Dogecoin’s trading momentum is also evident in the futures market, where open interest has jumped by 33% since last week, now exceeding $1.8 billion at current prices. Even a parody D.O.G.E memecoin on Ethereum has seen a 600% rise since October, demonstrating the influence of the hype surrounding the original meme coin. Analysts suggest dogecoin’s rally may be far from over, with continued interest from both retail and institutional investors.
