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    Dogecoin surges 14% in a day, reaching 7-day gains of 55% and hitting a new high since November 2021

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    Dogecoin (DOGE) has risen by 14% in the last 24 hours, taking its 7-day gains to 55% and bringing its value to 23 cents, the highest since November 2021. Its market cap exceeded $34 billion, outdoing XRP’s $33.3 billion and it’s predicted to surpass USDC’s $37 billion cap by Tuesday. The surge is attributed to speculation about DOGE involvement in the Trump administration, and Elon Musk’s support. Open interest in DOGE futures is nearing its all-time high from April and stands over $1.8 billion.

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    Dogecoin (DOGE) shot past xrp (XRP) early this Sunday, with a decisive 14% rise in the last 24 hours. This bolstered its 7-day gains to a substantial 55%. This came on the back of growing excitement surrounding DOGE, due in part to Elon Musk’s support of it during the Trump administration.

    DOGE surged past 23 cents, a high not seen since November 2021, topping the previous yearly peak of 22 cents back in April. It’s marked a market cap of over $34 billion as of Sunday, flipping XRP’s $33.3 billion cap.

    If things keep going this way, DOGE is poised to trump stablecoin USDC by Tuesday – USDC currently has a $37 billion cap.

    DOGE’s value has increased twofold in the last month, mainly due to speculation that its moniker could feature in Donald Trump’s administration. There’s been talk of establishing a ‘Department of Government Efficiency’ (D.O.G.E) to make government spending more efficient, which has sparked wide interest amongst traders. The possibility of more DOGE mentions in mainstream media and retail trading circles could easily ignite greater interest in Dogecoin.

    Trump has already stated that he would have Musk in charge of a ‘government efficiency commission’ should he win a second term as US president. Furthermore, ‘open interest’ in DOGE futures is nearing the all-time high we saw in April. Open interest has increased by 33% since last week and currently stands at over 8.33 billion DOGE, which is just over $1.8 billion at present values.

    It’s not just DOGE that’s witnessed a surge recently — a satirical D.O.G.E memecoin on Ethereum has seen more than 600% growth since early October. Although, it does have a significantly smaller market of just over $160 million as of Sunday. Traders don’t foresee the dogecoin rally ending anytime soon.

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