DOGE Price Jumps 23%: Now Ranked as Sixth-Largest Cryptocurrency
Market Context: Dogecoin Leads the Charge in Crypto Rally
Dogecoin (DOGE) has sustained its upward momentum with a notable 23% price increase today. This growth has elevated its market capitalization above major competitors like USDC and XRP, securing DOGE's position as the sixth-largest cryptocurrency globally. Currently, DOGE boasts a market cap exceeding $42.25 billion—outpacing USDC ($36.98B) and XRP ($33.36B).
Political Catalysts: Trump’s Pro-Crypto Stance Fuels Optimism
The broader cryptocurrency market, including DOGE, is riding a wave of enthusiasm following Donald Trump’s 2024 U.S. presidential election win. Known for his crypto-friendly policies, Trump’s victory has amplified investor confidence. Bitcoin’s parallel surge—breaking $82,000 to set a new record—further validates this bullish sentiment. Analysts attribute DOGE’s rise partly to expectations of regulatory tailwinds under the new administration.
Elon Musk’s Influence: The "D.O.G.E." Speculation
Elon Musk’s recent political endorsements have inadvertently reignited interest in Dogecoin. During a campaign event for Trump, Musk floated the idea of a "Department of Government Efficiency," using the acronym D.O.G.E. This playful nod has fueled speculation that the memecoin might symbolize efficiency-driven reforms, driving traders to accumulate DOGE positions.
Trading Metrics Reflect Surging Demand
DOGE’s rally coincides with a spike in its funding rates, signaling fresh capital influx. On November 11, the open interest-weighted funding rate peaked at 0.0448%—the highest since June 2024—highlighting aggressive long positions. Notably, short liquidations reached $37.25 million in 24 hours, dwarfing long liquidations ($24), resulting in a net short squeeze of ~$36.4 million.
Technical Analysis: Golden Cross Hints at Continued Growth
From its August 5 low of $0.080, DOGE has staged a 259% recovery, forming a golden cross on daily charts. This bullish pattern suggests a reversal of prior downtrends. A sustained breakout above $0.30 could propel DOGE toward $0.377 (+34% upside), according to technical forecasts.
FAQs About Dogecoin’s Recent Surge
Why is Dogecoin’s price rising so sharply?
The combination of political optimism (Trump’s pro-crypto policies), Elon Musk’s D.O.G.E. acronym tease, and strong technical indicators has fueled buying pressure.
How does Trump’s election impact cryptocurrencies?
Trump’s administration is expected to support lighter crypto regulations, boosting institutional and retail investor confidence across the market, including memecoins like DOGE.
What is a golden cross, and why does it matter for DOGE?
A golden cross occurs when a short-term moving average crosses above a long-term one, signaling potential upward momentum. For DOGE, this suggests prolonged bullish sentiment.
Where can I track DOGE’s real-time metrics?
👉 Monitor Dogecoin’s latest trends here for live price action, funding rates, and liquidation data.
Could DOGE hit $0.50 soon?
While possible, it depends on broader market conditions and sustained demand. Breaking $0.30 decisively would be a critical first step.
Why are short liquidations so high for DOGE?
Rapid price surges force leveraged short sellers to exit positions, creating cascading buy orders that amplify upward movement.
Key Takeaways
- Market Position: DOGE now ranks #6 by market cap, surpassing stablecoins and legacy altcoins.
- Political Tailwinds: Trump’s win and Musk’s D.O.G.E. narrative are pivotal to its rally.
- Technical Strength: The golden cross and high funding rates suggest enduring bullishness.
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