Dogecoin Pumps 27% as DOGE Open Interest Surpasses Record $5.5 Billion

Dogecoin is booming just days before Donald Trump officially becomes president for the second time.

The price of the original meme piece is now standing to nearly $0.418 per coin after a 9% 24-hour rise, according to CoinGecko.

The asset, the seventh largest cryptocurrency by market capitalization, is currently at its highest price so far in 2025. Over the past seven days, it has surged 27%, making it the one of the biggest gainers among major digital coins and tokens. .

Traders who bet on future price action of the coin are also betting big: CoinGlass data watch This open interest on the coin has surpassed $5.5 billion, a new record for the OG 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 cult status when the world’s richest man, Elon Musk, started pumping the coin on Twitter (now X). It reached new highs and ranked among the top 10 cryptocurrencies by market capitalization in 2021.

Fast forward to 2024, and tech entrepreneur Musk has started talking the part again while supporting President-elect Trump on the campaign trail, albeit at the same time. admit that he is not actively involved in cryptography.

The coin has continued to rise since Trump’s victory, especially continuation of the news that the boss of Tesla, X and SpaceX would have a place close to Trump to help shape policy with a government body called the Department of Government Effectiveness (DOGE)

It is unclear whether Musk deliberately chose the name of the government department – ​​aimed at cutting costs and bureaucracy – to match the Dogecoin ticker, but the billionaire admitted he love memes.

DOGE surged as high as $0.48 in December, marking the coin’s highest price in three years. As of this writing, Dogecoin remains down 43% from its all-time high above $0.73 as of May 2021.

Edited by Andrew Hayward