For the fifth consecutive day, Dogecoin (DOGE) continues its rally. On Thursday, November 14, the meme coin surged 16%, surpassing XRP.

Earlier on Tuesday, November 12, Dogecoin crossed the high of $0.41, last seen in 2021, causing ripples in the crypto market. The token had peaked at $0.70.

In the last one week, the meme coin gained over 150%, with its value tripling in over a month. This surge is attributed to Donald Trump's win in the US election and the subsequent appointment of Elon Musk as a head of the hypothetical "Department of Government Efficiency" (D.O.G.E).

During the US election campaign, Musk proposed the idea of the D.O.G.E., which aims to reduce government waste and streamline operations. This fueled speculation and led to a surge in the meme coin's price.

Now that Trump has embraced the D.O.G.E concept, the crypto market has gone wild with speculations about Dogecoin's price rise. This has driven the token to reach 41 cents, surpassing its April high of 22 cents.

Dogecoin's market capitalization has also surged during this time, reaching $56 billion, eclipsing XRP's $40.3 billion.

Crypto experts believe that the D.O.G.E could significantly shape the future of the crypto market, particularly now that Donald Trump has been elected as the 47th US President.

Tommy Moustache tweeted that D.O.G.E "might snowball into a new national movement that is constantly covered and written about by major news networks. You need to front-run those Bitcoin whales with their thousands of Bitcoin rotating to $DOGE once Bitcoin dominance hits 62% to 65%. $DOGE to $1 is programmed this cycle."

XRP has also surged this week, providing some relief to its token holders. The digital asset gained 14% in the 24 hours leading up to November 14. However, it remains behind Dogecoin's surge, which has seen its value increase 332% year-to-date, placing it among the top 10 crypto performers of the week.

Dogecoin's strength lies in its marketing capabilities, with its value driven by shared culture and irreverent humor. For many, Dogecoin represents the power of memes, which has extended beyond the digital realm and influenced real-world institutions.

This has led to the popular "doge to $1" memes that have circulated in the crypto world for years. These memes have resurfaced this week as the coin rallied, with many traders hoping that the aspiration could become a reality in this bull cycle.

At the time of writing on November 14, DOGE was up 0.68% in the last 24 hours, trading at $0.3898, with a market cap of $57.23 billion. The meme coin's trading volume declined 44.31% in the last 24 hours to hit $15.76 billion. XRP, meanwhile, was trading at $0.7802, up 13.52% in the last 24 hours. Its trading volume has decreased 14.74% to $7.34 billion, while its market cap has gained 13.88% to reach $44.55 billion.