Dogecoin (DOGE) Price Surges 34% Past XRP (XRP) Market Cap, May Challenge All-Time High

Dogecoin (DOGE), the largest meme-focused cryptocurrency in the world, saw an impressive 34% surge on November 11

Dogecoin (CRYPTO: DOGE) saw a large 34% surge in the early hours of Friday, pushing its market capitalization past $42 billion and surpassing XRP’s (CRYPTO: XRP) valuation of $33.3 billion.

The surge comes amid a week of bullish sentiment following Elon Musk's endorsement of DOGE, especially as Musk's influence grows under Donald Trump's newly re-elected administration.

The price of DOGE 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, which had a market cap of roughly $37 billion by Tuesday.

Open interest in DOGE-tracked futures 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.

The recent popularity of DOGE can be partly attributed to Elon Musk's proposal for a “Department of Government Efficiency” (D.O.G.E.) within the Trump administration, which has sparked 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?