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.

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According to SpotOnChain, Buterin initially sold four memecoins: 330 billion LEDOG for 10.96 ETH, 3.03 trillion DOGC for 10.8 ETH, 19.95 million #99 for 1.58 ETH, and 300 million VITALIK for 1.14 ETH. The total amount of ETH raised was 24.5 coins worth $81,800. After selling the memecoins, Buterin donated 320 ETH to Coin Center for $1.07 million.

Buterin's actions have sparked heated discussions among crypto enthusiasts. Some fear that Coin Center could sell off the coins it received to fund its own initiatives, thereby putting pressure on the market. Others are confident that this will, on the contrary, draw attention to Ethereum , creating a surge in trading activity.

Buterin's donation has not had a negative impact on the ETH price. On the contrary, investors remain optimistic as the coin has surpassed the $3,600 mark. Ethereum's market cap is currently $434.7 billion.

According to IntoTheBlock, November saw a large influx of funds into spot Ethereum exchange-traded funds (ETFs). Large holders of the cryptocurrency began buying more coins in anticipation of a rally in the market. Open interest (OI) in Ethereum has also increased over the past week. According to Coinglass, it has reached an all-time high of $21.22 billion. The sharp rise in OI suggests that investors are opening new positions in Ethereum while maintaining existing ones.

In October, Vitalik Buterin sold 10 billion MOODENG tokens for 308.69 ETH. Of these, 260 ETH were donated to the biotech charity platform Kanro to combat airborne diseases.

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The CFTC currently oversees the $20 trillion derivatives market. Once Donald Trump takes office, the agency will be able to regulate both the futures and spot markets for cryptocurrencies because Bitcoin and Ethereum will be considered commodities. According to FOX Business sources, the CFTC will oversee exchanges where these cryptocurrencies are traded.

The US Securities and Exchange Commission (SEC) will have its regulatory powers over digital assets reduced. Last week, SEC Chairman Gary Gensler already announced that he would step down on January 20, 2025, after Trump’s inauguration.

Former CFTC Chairman Chris Giancarlo has noted that with sufficient funding and the right leadership, the CFTC could begin regulating cryptocurrencies, so-called digital commodities, on Day 1 of Donald Trump’s presidency. Giancarlo has emerged as a candidate for the White House’s “crypto czar,” who would oversee federal cryptocurrency policy.

Trump's initiative is intended to provide regulatory clarity for industry companies and traders. Currently, no U.S. regulator has clear authority to regulate the spot crypto market.

CFTC Chairman Rostin Behnam, who will step down after the change in administration, said that about half of the enforcement actions last year were against cryptocurrency businesses. Behnam said that 70-80% of crypto assets are not classified as securities.

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