Dogecoin’s popularity is on the rise days before Donald Trump takes office as president.
The price of the original meme coin now stands at nearly $0.418 per coin after a 24-hour rise of 9%, according to CoinGecko.
The asset—the seventh biggest cryptocurrency by market cap—is currently at its highest price so far in 2025. In the last seven days it’s jumped 27% making it the largest winner among the digital tokens and coins.
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. The open interest is the value of all futures contracts which haven’t been settled yet.
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). The coin reached new highs in 2021 and even made it into the top 10 cryptocurrency market caps.
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’s price jumped to $0.48 last December. It was the highest it had been in three years. Dogecoin, as of the time this article was written, is down by 43% from its high point above $0.73 in May 2021.
Andrew Hayward is the editor