Dogecoin (DOGE), the largest meme-focused cryptocurrency in the world, saw an impressive 34% surge on November 11, pushing its market capitalization past $42 billion and surpassing XRP’s valuation of $33.3 billion.
This jump reflects a week of intensified bullish sentiment following Elon Musk’s endorsement of DOGE, especially as Musk’s influence grows under Donald Trump’s newly re-elected administration.
DOGE’s price soared past $0.23, marking a level last seen in November 2021 and surpassing its previous yearly high of $0.22 in April.
Over the past week, DOGE has recorded a remarkable 86% gain, and some traders speculate this rally may not be ending anytime soon. At the time of writing, the price of DOGE is $0.2809, and its market cap value is $41.22 billion.
With recent momentum, DOGE might be on track to challenge its all-time high of $0.7376, set on May 8, 2021. If current buying pressure continues, DOGE could soon flip stablecoin USDC, potentially holding a market cap of roughly $37 billion by Tuesday.
Open interest in DOGE-tracked futures has surged by 33% over the past week, reaching an impressive 8.33 billion DOGE, or around $1.8 billion at current prices, which could signal sustained investor interest in the token.
DOGE’s recent popularity partly stems from Elon Musk’s proposal for a “Department of Government Efficiency” (D.O.G.E.) within the Trump administration, fueling retail interest and speculation. Rumors suggest Trump might enlist Musk to head a “government efficiency commission,” which has generated significant media attention and sparked price optimism.
Traders are optimistic that DOGE’s rally could continue, driven by Musk’s involvement, mainstream attention, and strong market support.
Also Read: Dogecoin Price Prediction: Could $1 Be Next for DOGE?
