Dogecoin Flips XRP as Elon Musk-Linked Trade Keeps on Giving
2024-11-10

Dogecoin DOGEUSD flipped xrp XRPUSD early Sunday as bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration pushed prices 14% higher in the past 24 hours, extending 7-day gains to 55%.
DOGE jumped above 23 cents to reach prices last seen in November 2021, flipping a yearly high of 22 cents from April. The token commands a market capitalization of over $34 billion as of Sunday, flipping XRP’s $33.3 billion capitalization.
If current price action continues, DOGE could flip stablecoin USDC — with a $37 billion capitalization — by Tuesday.
DOGE has more than doubled in the past month amid renewed trading interest due to the possibility of its abbreviation becoming a part of Republican Donald Trump’s administration.
In the past few months, Musk has discussed creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, to make government spending more efficient.
That has fuelled expectation among traders that there could be more chatter of “DOGE” in mainstream media and retail trading circles, fueling attention and interest in dogecoin, as a CoinDesk analysis first noted in mid-October.
Trump has already said he would enlist Musk to run a “government efficiency commission” if he wins a second term as U.S. president, per BBC.
Meanwhile, open interest in dogecoin-tracked futures is approaching all-time highs from April, with a 33% increase in open interest since last week that now stands at over 8.33 billion DOGE, or just over $1.8 billion at current prices.
It’s not only dogecoin that has been surging—a parody D.O.G.E memecoin on Ethereum has risen more than 600% since early October, albeit with a relatively smaller market of just over $160 million as of Sunday.
Traders don't expect the dogecoin rally to be ending anytime soon, as CoinDesk reported last week.