Dogecoin has continued its bullish momentum into the weekend, registering a 31% gain to push its price to $0.28. The present price is the highest the token has ever witnessed since November 2021. Notably, the market-wide bullish momentum at the period also pushed Bitcoin to its all-time high of $69,000.
The meme coin’s value is now double what it was last month, recording a surge of 155% in the process. According to data from CoinGecko, Dogecoin has recorded an 86% increase over the last week. However, the figure remains quite short of its all-time high of $0.71 it set in May 2021.
Elon Musk’s activities fueled the token’s surge
According to several reports across the week, the present hype has been fueled by several factors. Aside from that, famous Tesla CEO Elon Musk’s antics have also added to the hype the token has enjoyed in the past few months. During the United presidential election campaigns, Elon Musk rallied behind now-elected Republican Donald Trump.
During the campaign period, Musk teased his followers about the formation of a Department of Government Efficiency (D.O.G.E) agency that the president-elect said he could lead. The buzz added to the previous momentum of the token, pushing it across various highs in the last few months.
With Trump clinching the office of the President of the United States, there is a market-wide surge in reaction to the promises he made. The Republican candidate made several promises, even going as far as announcing that his first act would be to sack SEC Chair Gary Gensler, among other promises. Since his victory, Dogecoin traders and the entire market have been in a frenzy, with the token rising to highs not seen since 2021.
Dogecoin flips XRP’s market cap to take its spot
With Dogecoin recording the massive surge, it not only touched a high it saw in 2021. The token’s market capitalization also surged to hit above $35 billion, flipping XRP’s market capitalization of $33.7 billion. If it continues on this trend, it won’t be long before it catches up to USDC’s market capitalization which presently stands at $37 billion.
Meanwhile, open interest in dogecoin-tracked futures is approaching an all-time high, with interest in open interest around 33%. Open interest currently stands at 8.33 billion DOGE, worth around $1.8 billion in current prices.
The Dogecoin frenzy has also propelled the token’s parody, Ethereum-based D.O.G.E, pushing it over 600% since the beginning of October. Bitcoin also saw its fair share of a price surge, moving close to the $80,000 mark but settling around $79,999.
