Dogecoin, the leading meme-focused cryptocurrency, surged over 34% in market cap on November 11, surpassing XRP. This growth is driven by bullish sentiment encouraged by Elon Musk and political dynamics.
Significant Price Increase of Dogecoin
The price of Dogecoin rose above $0.23, a level not seen since November 2021. The 86% weekly gain has caught traders' attention. DOGE's current price is $0.2809, with a market cap of $41.22 billion.
Elon Musk's Role and Political Context
Dogecoin's rise is attributed to Elon Musk's support, expanding under Donald Trump's administration. Musk's proposal for a 'Department of Government Efficiency' boosts DOGE interest. Speculation about his government role adds to market optimism.
Prospects for Dogecoin
Forecasts suggest DOGE might reach new highs if current buying pressure persists. Open interest in DOGE futures has surged 33%, indicating sustained investor interest. Musk's speculated involvement fuels the token's growing popularity.
Dogecoin's rally may continue due to Elon Musk's influence and political backing, potentially reaching new price heights.
