For the fifth successive day, Dogecoin (DOGE) continues to rally. On Thursday, November 14, the meme coin surged 16%, flipping XRP.
Earlier on Tuesday, November 12, Dogecoin crossed the high of $0.41 which was last seen in 2021, setting ripples across the crypto market. The token had peaked at $0.70.
In the last one week, the meme coin gained over 150% with its value tripling in over the month. This surge is led by Donald Trump’s win in the US election and the subsequent appointment of Elon Musk as one of the heads of the Department of Government Efficiency (D.O.G.E)
Earlier, during the US election campaign, Musk floated the idea of the “Department of Government Efficiency” (D.O.G.E.), a hypothetical ministry to reduce waste and streamline government operations. This caused the meme coin to surge as speculations ran wild.
Now that Trump has adopted the D.O.G.E concept, making the crypto market go wild over Dogecoin price rise speculations. This had led the token to hit 41 cents, crossing its April high of 22 cents.
The market capitalisation of Dogecoin has also surged during this time, riding up to $56 billion, causing it to go past the $40.3 billion of XRP. And that's how DOGE flipped XRP.
Crypto experts are saying the D.O.G.E could shape up the crypto market narrative in the future more than AI and other things now that Donald Trump has been elected as the 47th US President.
Tommy Moustache tweeted that D.O.G.E “might snowball into a new national movement that is constantly covered and written about by major news networks. You need to front-run those Bitcoin whales with their thousands of Bitcoin rotating to $DOGE once Bitcoin dominance hits 62% to 65%. $DOGE to $1 is programmed this cycle.”
XRP also surged this week giving the token holders some relief. The digital asset gained 14% in the 24 hours leading up to November 14. However, it's not enough to overtake Dogecoin’s surge as its value increased 332% year-to-date, making it enter the top 10 crypto performers of the week.
This meme coin's strength lies in marketing as its value comes from shared culture and irreverent humour. For most people, Dogecoin is a symbol of meme power which has transcended the digital world and now affecting real-world institutions.
This sparked the “doge to $1” memes which ruled the crypto world for years and again resurfaced this week as the coin rallied. Many traders had hoped that the meme could finally become a reality in this bull cycle.
At the time of writing on November 14 end of the day, DOGE was up 0.68% in the last 24 hours as it traded at $0.3898, while its market cap stood at $57.23 billion. The meme coin’s trading volume declined 44.31% in the last 24 hours to hit $15.76 billion. Meanwhile, XRP was trading at $0.7802, up 13.52% in the last 24 hours while its trading volume has decreased 14.74% to touch $7.34 billion and market cap has gained 13.88% to reach $44.55 billion.