Dogecoin (DOGE) has just reached an important milestone by surpassing USDC, entering the top 6 cryptocurrencies by market capitalization with 41 billion USD, becoming the first memecoin to surpass XRP and USDC. This growth is mainly attributed to the 'Musk effect' and attention from the Trump administration. Over the past month, DOGE's price has nearly tripled from 0.11 USD to 0.3 USD, and is currently fluctuating around 0.28 USD, up 22.2% in the last 24 hours.

Elon Musk has drawn attention with the idea of a 'Department of Government Efficiency' (D.O.G.E), aimed at optimizing public spending, sparking a FOMO wave within the cryptocurrency community. The community believes that DOGE will gain greater attention, especially as President Trump announced he would appoint Musk to lead this department if re-elected.

The cryptocurrency market is also booming following the US presidential election, with Bitcoin (BTC) reaching a new record high of 81,000 USD. The softer monetary policy and the Fed's rate cuts have bolstered investor confidence in cryptocurrencies. DOGE, thanks to these favorable factors, has attracted strong interest, with futures trading volume nearing its highest level since April 2024.

In addition to DOGE, many other memecoins have also benefited from this wave, such as Shiba Inu (SHIB) and Floki Inu (FLOKI), both up over 30% in the past week. Another parody memecoin on Ethereum, also named D.O.G.E, has surged over 600% since the beginning of October due to general attention. Currently, DOGE maintains its position as the largest memecoin with a market capitalization of 41 billion USD, far exceeding Shiba Inu with a market capitalization of 14 billion USD.