Dogecoin Surges 34% on Elon Musk's Endorsement

Dogecoin (DOGE), the leading meme cryptocurrency, experienced a significant 34% surge on November 11, boosting its market capitalization beyond $42 billion and leaving behind XRP's valuation of $33.3 billion.

This surge marks a week of bullish momentum that was sparked by Elon Musk's continued support for DOGE, particularly in light of his growing influence within the newly re-elected administration.

DOGE's price surpassed $0.23, a level not seen since November 2021, and eclipsed its previous yearly high of $0.22 set in April.

Over the last week, DOGE has witnessed an impressive 86% gain, with traders anticipating the rally's continuation. As of this writing, DOGE is valued at $0.2809, with a market capitalization of $41.22 billion.

The recent surge in open interest for DOGE-tracked futures by 33% to 8.33 billion DOGE (approximately $1.8 billion) indicates sustained investor interest in the token.

Musk's proposal for a "Department of Government Efficiency" (D.O.G.E.) within the Trump administration has contributed to DOGE's popularity, generating retail interest and speculation. Rumors indicate that Trump may appoint Musk to lead a "government efficiency commission," further fueling optimism.

Traders remain optimistic about DOGE's continued rise, driven by Musk's involvement, mainstream attention, and robust market support.