Dogecoin is experiencing significant gains, soaring to nearly $0.418 per coin after a 24-hour rise of 9%, marking its highest price so far in 2025. The cryptocurrency, currently the seventh largest by market cap, has increased by 27% over the past week, making it one of the top performers among digital coins. CoinGlass data reveals that open interest on Dogecoin has reached a record $5.5 billion, indicating strong investor betting on its future price movements. The surge in Dogecoin's value is attributed in part to renewed interest by influential figures, including Elon Musk, who has previously been an ardent supporter of the coin. The price rise follows Donald Trump's election victory, with speculation regarding Musk's potential involvement in shaping government policy. Despite the recent surge, Dogecoin remains down approximately 43% from its all-time high of over $0.73 in May 2021.

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