Dogecoin Flips XRP's Market Cap to Take Its Spot as Musk's Activities Fueled the Token's Surge

Dogecoin has continued its bullish momentum into the weekend, registering a 31% gain to push its price to $0.28.

Dogecoin price pushed through a 31% gain over the weekend to hit $0.28, marking the highest price the token has seen since November 2021. The present price surge comes as the market reacted to the victory of Republican candidate Donald Trump in the United States presidential election.

The meme coin, which started the year trading at $0.12, has seen its value double over the last few months. According to data from CoinGecko, Dogecoin has recorded an 86% increase over the last week. However, the figure remains quite short of its all-time high of $0.71 it set in May 2021.

Elon Musk’s activities fueled the token’s surge

Several reports throughout the week have highlighted the present hype. Aside from that, famous Tesla CEO Elon Musk’s antics have also added to the hype the token has enjoyed in the past few months. During the United States presidential election campaigns, Elon Musk rallied behind now-elected Republican Donald Trump.

During the campaign period, Musk teased his followers about the formation of a Department of Government Efficiency (D.O.G.E) agency that the president-elect said he could lead. The buzz added to the previous momentum of the token, pushing it across various highs in the last few months.

Dogecoin flips XRP’s market cap to take its spot

With Dogecoin recording the massive surge, it not only touched a high it saw in 2021. The token’s market capitalization also surged to hit above $35 billion, flipping XRP’s market capitalization of $33.7 billion. If it continues on this trend, it won’t be long before it catches up to USDC’s market capitalization which presently stands at $37 billion.

Meanwhile, open interest in dogecoin-tracked futures is approaching an all-time high, with interest in open interest around 33%. Open interest currently stands at 8.33 billion DOGE, worth around $1.8 billion in current prices.

The Dogecoin frenzy has also propelled the token’s parody, Ethereum-based D.O.G.E, pushing it over 600% since the beginning of October. Bitcoin also saw its fair share of a price surge, moving close to the $80,000 mark but settling around $79,999.