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

Dogecoin
(DOGE)
flipped
xrp
(XRP)
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.