Dogecoin price has staged a strong comeback over the past 24 hours, soaring by 9.06% to reclaim the 13-cent mark, a level not seen since late July.
As per data from CoinGecko, DOGE is currently trading for $0.1345. It has a market cap of $19.55 billion and ranks as the 8th largest cryptocurrency by market cap. In the last week, DOGE has risen by 24.35% and increased 32.68% over the past month, with a 24-hour trading volume of $1.96 billion.
An identical pattern occurred in the futures market, with open interest climbing to more than $904.52 million, marking its peak since early June. An increase in open interest typically suggests a growing demand for cryptocurrency, reflecting robust trading activity in the market.
DOGE Open Interest | CoinGlass
While this positive performance came at a time when the overall sentiment in the crypto market was positive, there might have been specific reasons why Dogecoin is particularly leading the charts today.
Why is Dogecoin Going Up Today?
DOGE has become the third-highest-gaining major altcoin in the past day, following the rise of Bitcoin (BTC) and Elon Musk’s recent indirect mention of DOGE during a rally supporting Presidential candidate Donald Trump. He recently shared his vision for the “Department of Government Efficiency” at a town hall meeting in Pennsylvania.
LISTEN: Elon Musk explains how the Department of Government Efficiency (DOGE) will give power back to the people:
"They seem to forget the money being spent is YOUR MONEY and if it's not being spent in a way that's beneficial to the American people, it's a misuse of funds." pic.twitter.com/hmu2ZuRlbn
— Benny Johnson (@bennyjohnson) October 17, 2024
While discussing the department’s goals, Elon Musk stated that,
“They seem to forget the money being spent is YOUR MONEY, and if it’s not being spent in a way that’s beneficial to the American people, it’s a misuse of funds.”
The optimistic statement livened the market, prompting traders to interpret the term “D.O.G.E” as a positive signal for Dogecoin’s price.
Notably, the billionaire entrepreneur recently became a vocal supporter of Republican Donald Trump’s presidential campaign. Since July, he has donated more than $75 million to the American PAC and is scheduled to make several campaign appearances before the election on November 5.
Meanwhile, Dogecoin is not the only memecoin going up today. CoinMarketCap data shows Popcat, Cat in a Dog’s World, and Floki are all leading the market with 13.51%, 7.86%, and 5.30% surges, respectively, in the same period.
Suppose the price of Dogecoin continues to surge. In that case, we might expect other memecoins like FLOKI, Shiba Inu, Mog Coin, and the Ethereum-based Department Of Government Efficiency (DOGE) memecoin also to surge.
