Over the past few weeks, there has been uncertainty in the crypto market, but that hasn’t stopped companies like Dogecoin and XRP from taking action. One of the most notable developments, however, was the entry of Toncoin (TON) among the top 10 cryptocurrencies by market cap and then dethrone Cardano (ADA). After that, Dogecoin appears ready to perform its own flippening, with an eye on XRP’s place on the list.
Dogecoin preparing to take over XRP
Dogecoin has performed quite well at a time when the crypto market has remained indecisive. Although there were times when the price fell, it managed to recover $0.2, although most of the bearish resistance is being set up at this junction.
However, Dogecoin’s ability to keep most of its gains From March onwards it saw its market capitalization increase rapidly. From less than $15 billion at the start of the year 2024, the meme coin’s market cap has now risen above $28.6 billion, putting it dangerously close to the market cap of XRP.
At the time of writing, XRP’s market cap stands at $33.9 billion, fueled by the decline in its price over the past week. This means that XRP’s market capitalization is now just 15.6% higher than that of Dogecoin, a dangerously small gap given how quickly cryptocurrency prices can rise.
In this case, if Dogecoin continues to perform well and XRP Can’t Keep Up, could easily lose sixth place on the list to DOGE. A 20% increase in DOGE Price to $0.24 would put its market cap above $34 billion, putting it ahead of XRP. And if XRP continues to fall, the gap could close next week.
DOGE Price Projected to Explode
Dogecoin currently boasts one of the strongest crypto communities, and some would say it is even stronger than the XRP army, as DOGE support base has strengthened due to its superior performance in the past. This support base and rapid adoption are two of the main factors that promise an interesting future for the meme coin.
There have been many predictions about where the future price of DOGE could be, with some reaching $100. However, according to crypto analyst Ali Martinez, Dogecoin could do very well in this bull market. Analysis published by Martinez reveals several price targets, with $12 at the top.
These targets, if executed correctly, see DOGE market cap skyrocket, and unless XRP makes some similarly bullish moves, it will soon be behind DOGE on the list of largest cryptocurrencies by market cap. But for now, both cryptocurrencies maintain their positions with XRP in 6th position and Dogecoin in 8th position, behind the USDC stablecoin.
DOGE price recovers from dip | Source: DOGEUSDT on Tradingview.com
Featured image from FinanceBuzz, chart from Tradingview.com
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