Dogecoin’s price has surged by 27% within a week, reaching nearly 0.418 USD. This notable increase positions DOGE as the seventh-largest cryptocurrency by market capitalization, reflecting a growing trend in meme coin interest.
Open interest for Dogecoin’s futures contracts has hit a record high of 5.5 billion USD, driven by traders betting on its future price movements. Influential figures like Elon Musk have helped bolster its popularity, particularly as Trump’s inauguration approaches.