The growth of the memecoin's capitalization occurred against the background of increased activity of the American billionaire Elon Musk, who periodically mentions Dogecoin in X (formerly Twitter (NYSE: TWTR )) and during public speeches. The memecoin was given impetus by the news of the creation of the Department of Government Efficiency (DOGE) in the United States, which will be headed by Musk.

The activity around the new department is fueling user and investor interest in the coin due to its similar acronym, Cointelegraph noted.

An additional catalyst for the asset's growth was the news that Valour announced the launch of the first Dogecoin-based exchange-traded product in Sweden. According to the company's management, the initiative ensures that investors will have a way to acquire the asset without buying it directly.

The GMCI Meme index has grown by 90% in a month, mainly due to the listings of such memecoins as PEPE and WIF on the Coinbase (NASDAQ: COIN ) and Robinhood (NASDAQ: HOOD ) platforms.