Dogecoin registers massive surge, flips XRP’s market cap

Dogecoin's Bullish Momentum Continues into the Weekend

Dogecoin continues its impressive trajectory over the weekend, posting a remarkable 31% gain that elevates its price to $0.28. This marks the highest point the token has reached since November 2021, coinciding with the broader market uptrend that propelled Bitcoin to its all-time peak of $69,000.

Dogecoin's value has doubled since last month, representing a substantial 155% increase. According to CoinGecko, the token has surged by 86% over the past week, although it remains short of its record high of $0.71 set in May 2021.

Elon Musk's Influence on Dogecoin's Rise

Multiple reports attribute the current hype surrounding Dogecoin to various factors, including the unwavering support of Tesla CEO Elon Musk. During the U.S. presidential election campaign, Musk aligned himself with now-President Donald Trump, jokingly proposing the establishment of a "Department of Government Efficiency (D.O.G.E)" led by Trump. This playful sentiment contributed to the token's earlier momentum, helping it reach new heights in recent months.

With Trump's victory, the market has experienced a widespread upswing in response to his campaign promises. Among the promises made, Trump's commitment to dismiss SEC Chair Gary Gensler has elicited particular enthusiasm among Dogecoin traders and the wider market. As a result, Dogecoin has witnessed a surge not seen since 2021.

Dogecoin Overtakes XRP in Market Cap

Dogecoin's surge has not only propelled it to highs seen in 2021 but has also boosted its market capitalization to over $35 billion, surpassing XRP's market cap of $33.7 billion. If the current trend continues, Dogecoin may soon approach USDC's market cap of $37 billion.

Open interest in dogecoin-tracked futures is also approaching all-time highs, with interest currently hovering around 33%. This translates to an open interest value of 8.33 billion DOGE, worth approximately $1.8 billion at current prices.

The Dogecoin frenzy has also had a positive impact on its parody token, Ethereum-based D.O.G.E, which has surged over 600% since the beginning of October. Bitcoin, too, has enjoyed a price increase, nearing the $80,000 mark before settling around $79,999.