Dogecoin (DOGE) has surpassed XRP in market cap, driven by bullish sentiment around Elon Musk’s potential involvement in the Trump administration. DOGE’s price has increased by 14% in the last 24 hours, bringing its weekly gain to 55%.
DOGE’s market cap has surpassed $35 billion, surpassing XRP’s $33.3 billion, after reaching $0.23, a price not seen since November 2021. If this momentum continues, DOGE could overtake stablecoin USDC, which currently has a market cap of $37 billion, as early as Tuesday.
DOGE’s remarkable rise over the past month has largely been attributed to speculation about Musk’s idea of creating a “Department of Government Efficiency” (DOGE) in a potential Trump administration, which he claims would focus on making government spending more efficient. This prospect has drawn significant interest in DOGE, with investors expecting a surge that could further raise DOGE’s profile in mainstream media and retail traders.
Adding fuel to the current excitement, former President Donald Trump announced his support for Musk to lead a “government efficiency commission” if he wins a second term, according to pre-election reporting by the BBC.
*This is not investment advice.