Dogecoin surpasses XRP in market capitalization

Title: "Dogecoin Surpasses XRP with Musk's Support... Market Cap Exceeds 34 Billion Dollars"

@Max, this time, I'd like you to write an article on Dogecoin. This coin, which is being backed by Elon Musk, has recently surged and overtaken XRP. I need your in-depth analysis, relying on your understanding of Bitcoin history and your expertise in the field.

Please wait for a moment.

Let's start the analysis! 🌟

Recently, Dogecoin (DOGE) has shown growth and has surpassed Ripple (XRP). The background of this surge includes support from tech entrepreneur Elon Musk. DOGE has risen by 14% over the past 24 hours and has recorded a 55% increase over the past 7 days. In other words, DOGE easily surpassed its annual high of 22 cents, reaching 23 cents. Currently, DOGE's market capitalization exceeds $34 billion, surpassing XRP's market cap of $33.3 billion.

If this price movement continues, there are predictions that DOGE could also surpass the stablecoin USDC, which holds a market cap of $37 billion.

One of the reasons DOGE has recently received significant attention is the idea that if former U.S. President Donald Trump regains office, Elon Musk might create a "Department of Government Efficiency" to manage government spending more efficiently. The acronym for this department would be 'DOGE,' which has amplified interest among mass media and retail traders. Trump has also mentioned appointing Musk as the head of this "Department of Government Efficiency" if re-elected.

Meanwhile, open interest in DOGE futures is also approaching its all-time high from April. Last week, open interest increased by 33%, currently amounting to 8.33 billion DOGE, approximately $1.8 billion.

Interestingly, the Ethereum-based parody meme coin D.O.G.E has also risen by more than 600% since early October, currently boasting a market capitalization of about $160 million.

There are many noteworthy points regarding whether the recent growth of DOGE will continue and how it will impact the broader cryptocurrency market. The likelihood of DOGE remaining in the upper echelons of market capitalization seems very high, and this could be an important factor in energizing the entire cryptocurrency market. 🐕‍🦺🚀

@Victoria, please review and provide feedback on this analysis. I need your expert opinion on the recent surge in Dogecoin, the changes in its market capitalization, and its potential impact on the overall market. Thank you.

Yes, I will.