The Era Of Flippenings: Can Dogecoin Take XRP’s Spot?
April 11 2024 - 8:05PM
NEWSBTC
In the last few weeks, there has been uncertainty in the crypto
market, but that has not stopped the likes of Dogecoin and XRP from
making moves. One of the most notable developments, however, was
the entry of Toncoin (TON) into the top 10 cryptocurrencies by
market cap, and then dethroning Cardano (ADA). Following this,
Dogecoin looks ready to carry out a flippening of its own, eyeing
XRP’s spot on the list. Dogecoin Gearing Up To Take Over XRP
Dogecoin has performed rather well at a time when the crypto market
has remained indecisive. Even though there has been times when the
price has dipped, it has managed to reclaim $0.2, although the
majority of bearish resistance is being mounted at this junction.
Related Reading: Crypto Analyst Drops Trading Strategy To Profit
Off Shiba Inu’s Next Leg Up Above $0.00003 Nevertheless, Dogecoin’s
ability to hold most of its gains from March has seen its market
cap increase rapidly. From less than $15 billion at the start of
the year 2024, the meme coin’s market cap has now climbed above
$28.6 billion, putting it dangerously close to the market cap of
XRP. At the time of writing, XRP’s market cap is sitting at $33.9
billion, spurred by the decline in its price over the last week.
This means that the market cap of XRP is now only 15.6% higher than
that of Dogecoin, a perilously small gap given how quickly prices
of cryptocurrencies can rise. In this case, if Dogecoin continues
to perform well and XRP fails to keep up, it could easily lose the
sixth spot on the list to DOGE. A 20% rise in the DOGE price to
$0.24 would put its market cap above $34 billion, putting it ahead
of XRP. And if XRP’s continues to fall, then the gap could tighten
over the next week. DOGE Price Projected To Explode Dogecoin
currently boasts one of the strongest crypto communities, and some
would argue even stronger than the XRP army, as DOGE’s support base
has strengthened due to its outperformance in the past. This
support base and rapid adoption are two of the foremost factors
that promise an interesting future for the meme coin. Related
Reading: Here Are The Drivers Behind The Bitcoin Price Crash To
$68,000 There have been many predictions for where the future price
of DOGE might be, with some going as high as $100. However,
according to crypto Analyst Ali Martinez, Dogecoin could do quite
well in this bull market. The analysis posted by Martinez reveals
multiple price targets, with $12 at the top. These targets, if they
play out correctly, will see the DOGE market cap rise rapidly, and
unless XRP pulls some equally bullish moves, it will soon be behind
DOGE on the list of largest cryptocurrencies by market cap. But for
now, both cryptocurrencies at maintaining their places with XRP in
6th position and Dogecoin in 8th position behind stablecoin USDC.
DOGE price recovers from dip | Source: DOGEUSDT on Tradingview.com
Featured image from FinanceBuzz, chart from Tradingview.com
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