Dogecoin pumps 85% in last 7d; flips USDC

Dogecoin (DOGE) has experienced a substantial price surge, rising 30% over recent days and flipping both XRP and stablecoin USDC to become the sixth-largest cryptocurrency. This jump is largely attributed to renewed endorsements from Elon Musk, which have fueled DOGE’s 88% gain over the past month.

• DOGE and SHIB lead market gains, with dog-themed coins rising sharply over the weekend.
• Elon Musk’s endorsements have bolstered DOGE’s performance, reaching a three-year price peak.
• Broad crypto rally continues as traders react to favorable market conditions, including anticipated U.S. policy changes.

Src: Bloomberg

The weekend’s price action was also driven by general optimism following crypto-friendly candidate Donald Trump’s election win and a fresh round of Federal Reserve rate cuts. Bitcoin ETFs in the U.S. saw record inflows, with over $1.3 billion in net additions on Thursday, led by BlackRock’s IBIT.

$DOGE performance since Trump

DOGE reached $0.3011 on November 10, marking a 100.91% rise over the past seven days. This rally has placed both DOGE and Tesla (TSLA), another Musk-linked asset, at three-year highs. Tesla’s market cap has similarly jumped by 30%, crossing the $1 trillion threshold as traders make long speculative bets on Musk-affiliated assets.

Meanwhile, other top tokens such as Ether (ETH), BNB, and XRP showed smaller gains, each adding under 4%. The Cardano (ADA) token saw some profit-taking after its 35% rise over the weekend. The CoinDesk 20 index, which tracks the largest cryptocurrencies by market cap, rose by 4.5% in the past 24 hours, underscoring a broad crypto market rally.

Beyond majors, dog-themed memecoins, along with Solana-based tokens and new projects from TokenFi launchpads, saw a 30% average increase according to CoinGecko data. This growth, paired with anticipated changes under Trump’s administration, has many traders watching the $100,000 mark for Bitcoin, buoyed by hopes that the incoming administration could prioritize a strategic bitcoin reserve.