Dogecoin surpasses XRP in market capitalization

- Dogecoin price surged after Trump’s re-election, backed by Elon Musk’s support - DOGE Surpasses Ripple in Market Cap, Potential for Continued Uptrend. The so-called 'Doge barking at the moon' [Unblock Media] Recently, Dogecoin has shown significant growth, surpassing Ripple. The driver behind this surge is the support of tech entrepreneur Elon Musk. One of the reasons DOGE is receiving significant attention is a plan involving U.S. former President Donald Trump. Should Trump regain office, there are plans for Elon Musk to create a 'Department of Government Efficiency,' abbreviated as DOGE. Trump has also mentioned appointing Musk as the head of this 'Government Efficiency Committee' if re-elected. In an April tweet, Elon Musk generated investor interest by making a positive remark, "Doge barking at the moon." Over the past 24 hours, DOGE has risen by 14%, recording a 55% increase over the 7 days. Consequently, DOGE easily exceeded its annual high of 22 cents, breaking through to 23 cents. Currently, DOGE's market cap exceeds $34 billion, surpassing XRP's market cap of $33.3 billion. If this price movement continues, there are predictions that DOGE could even surpass the stablecoin USDC, which has a market cap of $37 billion. Meanwhile, open interest in DOGE futures is nearing an all-time high for April. Last week, open interest increased by 33%, currently amounting to approximately 8.33 billion DOGE, or about $1.8 billion. Interestingly, the Ethereum-based parody meme coin D.O.G.E has also surged by over 600% since early October, now boasting a market cap of around $160 million. There are many points of interest on whether DOGE's recent growth will continue and its potential impact on the broader cryptocurrency market. However, the rapid growth of DOGE could be distorted by risks such as excessive speculative trading. This indicates the possibility that DOGE may continue to remain at the top of the market cap rankings, providing a significant boost to the entire cryptocurrency market.