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

DOGE prices zoomed a further 14% on Sunday, pushing the token above XRP to make it the seventh-largest by market capitalization.

Dogecoin (DOGE) price rose by 14% on Sunday, pushing the meme token past XRP (XRP) to become the seventh-largest cryptocurrency by market capitalization.

The DOGE price rally comes as traders continue to react to Elon Musk linking the token abbreviation to a possible government department in the Trump administration.

Dogecoin price now up 55% in 7 days

Dogecoin prices rose to 23 cents on Sunday, reaching levels last seen in November 2021. The token has now risen by 55% in the past seven days, following a 70% rally in the past 30 days.

At current prices, dogecoin has a market capitalization of over $34 billion, surpassing XRP’s $33.3 billion capitalization.

If the current price action continues, DOGE could flip stablecoin USDC — which has a market cap of $37 billion — by Tuesday.

Dogecoin 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.

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