Dogecoin sees a remarkable rise, surpassing XRP and getting closer to USDC. Let's examine the causes and implications of this shift.
Dogecoin Surpasses XRP and Eyes USDC
On Sunday, Dogecoin's price rose above 23 cents, hitting its highest level since November 2021. This surge increased its market value to over $34 billion, surpassing XRP, which had a market capitalization of $33.3 billion. If Dogecoin's momentum continues, it could soon overtake USDC, valued at $37 billion. The futures market for Dogecoin shows a similar surge, with open interest rising by 33%, now exceeding 8.33 billion DOGE, worth over $1.8 billion.
Elon Musk's Influence on Dogecoin's Rise
A key factor behind Dogecoin's resurgence is Elon Musk's involvement linked to Donald Trump's political moves. Musk proposed the idea of a 'Department of Government Efficiency' (D.O.G.E.), using the Dogecoin name to attract attention. This has fueled optimism among traders. Mentions of DOGE in the media and discussions could boost trading activity.
Memecoins Gaining Momentum: D.O.G.E. and Dogecoin
Dogecoin isn't the only memecoin making headlines. The parody memecoin D.O.G.E. on Ethereum has soared over 600% since October, though its market cap remains at $160 million. This indicates a resurgence in memecoin popularity, with Dogecoin leading the charge.
The success of Dogecoin and other memecoins highlights their growing popularity in the cryptocurrency market. External support, including political connections, contributes to the heightened activity and development of Dogecoin.
