After an 83% week-long climb, Dogecoin price continues advances on Monday.

On Monday, DOGE's open interest and daily trading volume reached record highs.

Since Elon Musk is projected to be a key figure in Trump's administration, his endorsement of DOGE boosts meme currency interest.
On Monday, Dogecoin (DOGE) trades about $0.28 after surging over 83% in the previous week thanks to crypto-friendly candidate Donald Trump's election and promoter Elon Musk.

Musk's backing for Dogecoin has revived interest in the humor currency. Monday's $2.26 billion open interest and $13.96 billion daily trading volume were record highs for DOGE, indicating a capital inflow.

Elon Musk backs DOGE
After co-founding the “Department of Government Efficiency” (DOGE) to streamline US government processes and reduce waste, Elon Musk has revived interest in Dogecoin.

After Trump won the US presidential election last week, Musk's plan gained notice. Musk said the “Department of Government Efficiency” could save $2 trillion in tax expenditures during a New York campaign event on October 27. Elon Musk's backing for Trump's campaign and election has boosted the chance of a department.

The initiative's initials, DOGE, match Dogecoin's ticker, sparking social media speculation about its future and boosting optimistic mood.

Dogecoin looks to October 2021 highs
Weekly Dogecoin chart broke and closed above the rising trendline, which had been resistance. Bulls benefit from the breakout from this trendline, which connected numerous highs since October 2022. DOGE rose to $0.278 on Monday.

DOGE might rise 21% to retest its October 2021 high of $0.34 if its rising momentum continues or the ascending trendline persists.

A retracement is likely as the weekly chart's Relative Strength Index (RSI) is 78, above the overbought level of 70. The RSI may fall slightly but remain above the overbought level to continue its ascent. An escape from overbought territory signals a sell.

On-chain Dogecoin data supports the bullish view. According to Coinglass, exchange Dogecoin futures Open Interest (OI) is rising. Increasing OI indicates fresh money entering the market and purchasing, indicating a positive trend.

The graph below shows DOGE's OI almost doubling from $1.16 billion on November 5 to $2.26 billion on Monday, a record high.

A recent increase in traders' interest and liquidity in Doge's ecosystem further boosts its prognosis. Token terminal data reveals DOGE's daily trading volume climbed from $1.49 billion on November 3 to $13.96 billion on Thursday, the biggest this year.

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