Dogecoin (DOGE) – the legendary coin – is creating a new fever as its price surges and open trading volume hits a record $5.5 billion, amid a bustling market ahead of President-elect Donald Trump's second inauguration.
Impressive Price Increase
According to data from CoinGecko, the price of $DOGE has increased by 9% in 24 hours, reaching $0.418 – the highest since early 2025. Over the past week, DOGE has increased by 27%, becoming one of the best performing cryptocurrencies in the top 10.
Dogecoin is currently ranked 7th in the list of largest coins in terms of market capitalization, proving its outstanding appeal.
New Record for Open Interest
Data from #coinglass shows that open interest (the total value of futures contracts that have not been liquidated) on DOGE has surpassed $5.5 billion, a new milestone in the coin's history. This shows that investors are betting heavily on DOGE's price movements.
The Influence of Elon Musk and Donald Trump
Dogecoin was once famous thanks to the strong support of Elon Musk. In 2024, #Musk continued to mention Dogecoin when accompanying Donald Trump's election campaign.
Following Trump's victory, news that Elon Musk might join the new agency called the "Department of Governmental Efficiency" (DOGE) added to the excitement surrounding Dogecoin.
While it is unclear whether the agency's name is related to Dogecoin, Musk has stated that he loves humorous jokes, which further boosts the coin's value.
Still Haven't Hit The Peak Of History
Although Dogecoin is hitting a three-year high, the current price is still 43% lower than its all-time high of $0.73 in May 2021.
Conclude
Dogecoin is showing a strong breakthrough thanks to market factors, community and the influence of big figures such as Elon Musk and Donald Trump. With impressive growth and record trading volume, DOGE continues to affirm its position as the leading memecoin on the market.
Follow Dogecoin so you don't miss out on this new craze! 🐕🦺