Dogecoin Surges Past XRP as Elon Musk Buzz Fuel Gains

Dogecoin Surges, Overtakes XRP for Seventh Place

Dogecoin (DOGE) has witnessed a remarkable surge in value, with prices soaring 14% on Sunday. This surge catapulted DOGE above XRP to become the seventh-largest cryptocurrency by market capitalization. Notably, the rally has driven DOGE's 7-day gains to an impressive 55%, fueled by growing bullish sentiment.

DOGE Targets USDC with Growing Market Momentum

On Sunday, DOGE's price surpassed the 23-cent mark, reaching its highest point since November 2021. This surge boosted its market value to over $34 billion, surpassing XRP, which held a market capitalization of $33.3 billion.

If DOGE sustains its momentum, it may soon overtake Circle's stablecoin USDC, which is currently valued at $37 billion. This would be a significant achievement for Dogecoin, which has experienced a recent resurgence in interest and trading activity.

Futures Market Signals Confidence

The surge in Dogecoin's value is also evident in its futures market, where open interest is approaching all-time highs. Since last week, open interest has jumped 33%, now exceeding 8.33 billion DOGE, which equates to over $1.8 billion at current prices. This increase in open interest suggests that traders are bullish on DOGE's continued price appreciation.

Elon Musk's Influence and Political Buzz

A key factor driving Dogecoin's resurgence is renewed interest sparked by Elon Musk's involvement with Donald Trump's political moves. This connection has generated optimism and increased market attention around DOGE.

Musk has proposed the idea of a "Department of Government Efficiency" (D.O.G.E.), a move that has brought additional visibility to the cryptocurrency. This potential association has fueled enthusiasm among traders, who anticipate increased media coverage and trading activity.

D.O.G.E. Soars 600%

Dogecoin's rally is not isolated; a parody memecoin, D.O.G.E. on Ethereum, has surged over 600% since October, showing the ongoing momentum in the memecoin market.

Optimistic Outlook

Traders remain optimistic about Dogecoin's trajectory, with many believing the rally is far from over. Musk's involvement and political rumors surrounding Trump may continue to drive DOGE's growth and capture further market share in the coming weeks.