Dogecoin (COIN: $DOGE) is an open-source, peer-to-peer cryptocurrency created by two software engineers in December 2013 as a joke. Since then, it has grown to become among the most valuable cryptocurrencies, with a market cap of over $29 billion.
As DOGE continues to rise amidst the crypto market bull run, some analysts predict that it could soon surpass XRP’s market cap.
Dogecoin Continues to Surge
In the past few months, the price of Dogecoin has continued to surge, and it is now amongst the top ten largest coins by market cap. In the past 24 hours, the price of DOGE is up 3.54% at $0.2042 per coin ads of writing this.
The meme coin is up 22.76% in the past month, 121.90% year to date, and 144.69% in the past 12 months. Dogecoin’s rapid growth has positioned it as one of the top performers in the crypto market, rising above meme coins like Shiba Inu and achieving a market cap of $29.34B.
Could Dogecoin Surpass XRP?
The recent surge in the price of DOGE puts it within reach of XRP, which has a market cap of $33.49 billion. While the Dogecoin price has increased 22.76% in the past month, XRP has decreased 3.04% in the same period.
If the trend holds, it is only a matter of time before DOGE surpasses XRP’s market cap. Dogecoin only needs to rise another 13.83% from its current price to surpass XRP, which most analysts view as possible. Its 24-hour trading volume is up 18.75% in the past 24 hours to $2.54B, making it among the most popular cryptocurrencies among traders.
According to Coinglass data, $4.16 million DOGE shorts and $2.01 million DOGE longs have been liquidated in the past 24 hours, which is a clear signal of the coin’s current trend. The data shows that the current open interest in Dogecoin is up 6.29% in the past 24 hours. A majority of the technical indicators, including an RSI of 61.72, are currently bullish, supporting the case for DOGE surpassing XRP soon.
Why Dogecoin is Surging
The current resurgence of Dogecoin follows a period of downturn in the crypto market that briefly saw Bitcoin’s price fall below $70K. However, the crypto rally is back in full swing, with Bitcoin now trading at $71.93K, surpassing the $72K mark at one point in the past 24 hours.
In general, meme coins surge when the bullish sentiment in the broader crypto market is high. With the crypto market rallying, Dogecoin and other meme coins like Dogwifhat have also seen a resurgence.
Why It Matters: Dogecoin’s resurgence follows a period of downturns in the broader crypto sphere. The meme coin has seen a surge in investor interest and price increases.
Dogecoin has been rallying strongly as positive sentiment in the crypto world has risen. This rally is seen as a new bull market for Dogecoin, with other meme coins like Dogwifhat also moving higher.
Bitcoin-Ether Ratio Signals Potential Bearish Trend
According to an April 5, 2024 article by Bloomberg, the BTC/ETH ratio could signal a potential bearish trend for the crypto world. Bloomberg, citing analysts from QCP, noted that historically, a high ratio could signal that the FOMO sentiment was turning into fear.
The ratio was 20.76 on Friday, April 5, the highest it had been since April 2021. However, it has since fallen back to around 19.87 as of Monday, April 8. Bitcoin’s recent surge can be attributed to the rising institutional interest.
Is DOGE a Buy?
While DOGE’s recent rally is impressive, there is potentially room to grow. Dogecoin is currently trading at a 72.32% discount to its all-time high of $0.7376, achieved on May 8, 2021. Consequently, with forecasts indicating it could surpass XRP soon, there is still a lot of upside. However, as with other meme coins, the price of DOGE is highly influenced by other factors, such as the general trend of the crypto market.
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