The asset—the seventh biggest cryptocurrency by market cap—is currently at its highest price so far in 2025. Over the past seven days, it has jumped by 27%, making it one of the biggest winners out of the top digital coins and tokens.
Traders betting on the future price action of the coin are also betting big: CoinGlass data shows that open interest on the coin topped $5.5 billion—a new record for the O.G. meme coin. Open interest refers to the collective value of futures contracts that have not yet been settled by traders.
Dogecoin—which trades as DOGE—gained a cult following when the world's richest man, Elon Musk, started pumping the coin on Twitter (now X). It surged to new highs and gained a spot in the top 10 cryptocurrencies by market cap in 2021.
Fast-forward to 2024, and tech entrepreneur Musk started talking about the coin again while supporting President-elect Trump on the campaign trail—albeit while also admitting that he's not actively involved in crypto.
The coin has continued to rise since Trump's win, especially following news that the Tesla, X, and SpaceX boss would have a spot close to Trump helping shape policy with a government body named the Department of Governmental Efficiency (DOGE)
It isn't clear whether Musk deliberately chose the name of the government department—aimed at cutting costs and bureaucracy—to match the Dogecoin ticker, but the billionaire has admitted that he loves memes.
DOGE jumped as high as $0.48 in December, marking a three-year high price for the coin. As of this writing, Dogecoin remains down 43% from its all-time high mark above $0.73 from May 2021.
Edited by Andrew Hayward
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