Elon Musk’s favorite meme coin is among the biggest gainers following Trump’s election win!
Dogecoin (DOGE) is now the seventh largest cryptocurrency in terms of market cap, overtaking Ripple’s XRP token. According to data from CoinGecko, its market value is around $36 billion while XRP’s stands at $34.2 billion.
DOGE has recorded a massive increase over the past 24 hours, from $0.2 to $0.25. The weekly chart shows that the dog-themed meme token has skyrocketed over 70% in the past seven days, though it’s still down 66% from its record high.
Crazy Puppy Coin!
DOGE’s recent rally is mainly driven by speculation about Elon Musk’s potential role under Donald Trump’s administration. DOGE’s bullish momentum officially returned ahead of the 2024 US presidential election since Musk, a prominent supporter of Trump, revealed his plan to form a “Department of Government Efficiency,” or “D.O.G.E.” targeting improving government spending.
With Trump now securing his second term, Musk’s idea may come in the future, which leads to increased buying activities in Dogecoin. Trump previously stated he supported Musk’s idea and would like to have him lead a government efficiency commission in his potential second term.
Trump’s reelection itself has already played a major role in DOGE’s price rally, as well as the market-wide rally.
Market analysts previously suggested that a Trump victory was one of the major catalysts that could kick off the cryptocurrency bullrun. The projection was backed by Trump’s pro-crypto stance. He previously pledged to create a supportive environment for the crypto businesses to grow and make the U.S. an industry leader.
The overall sentiment in the cryptocurrency market has been bullish post-election, with Bitcoin hitting a new all-time high of $80,945 on November 10. The largest cryptocurrency has surged over 15% over the last seven days and kept breaking its own records.
Ether (ETH), Solana (SOL), and Binance Coin (BNB) have also seen gains of 28%, 27%, and 12%, respectively.
XRP’s Price Movements Will Depend on SEC vs. Ripple Labs Lawsuit
XRP’s price actions are closely tied to the developments in the SEC vs. Ripple Labs lawsuit. The SEC has recently appealed the court’s case ruling, which determined that XRP sales to retail investors on secondary markets were not securities.
With the SEC’s legal move, the lengthy lawsuit, which was previously expected to end this year, will continue, potentially extending to 2026. In response, Ripple Labs has also initiated a cross-appeal to challenge the ruling that found XRP sales to institutional investors were securities.
The appeal process reintroduces uncertainty, as it may lead to legal interpretations that could either reinforce or undermine the previous court’s findings.
If the SEC’s appeal leads to a ruling that classifies XRP as a security, it could impose stricter regulations on its trading and use, potentially stifling its market growth. Yet, if Ripple prevails in the appeal, it could solidify XRP’s position in the market and encourage investment and development within its ecosystem.
It’s unclear whether Trump’s return to office will give Ripple an edge over the SEC in this case. Trump may bring changes in the SEC leadership, which could result in the agency’s approach to cryptocurrency regulations.
“FINALLY we see a light at the end of the tunnel as these external (frankly unnatural and manipulative) market factors fade. The tides are shifting, headwinds are turning to tailwinds, and the opportunity for those of us who believe in the future for XRP is enormous,” said Ripple CEO Brad Garlington in a post following Trump’s election win.
Legal experts suggest that a new SEC leadership could reconsider ongoing cases, including those against Ripple, possibly leading to settlements or dismissals. This scenario will likely affect other lawsuits between the SEC and major crypto firms, including Coinbase, Binance, and Kraken.
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