As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve seen my fair share of meme coins coming and going. However, the recent surge of Dogecoin (DOGE) has caught my attention, not just because it’s a dog-themed cryptocurrency, but because its meteoric rise seems to defy all logic and reason.
In recent developments, Dogecoin (DOGE), the cryptocurrency based on a canine theme, has surpassed XRP in terms of market value due to a substantial price increase observed during the last seven days.
According to CoinMarketCap data, Dogecoin (DOGE) is up by 9% in the last 24 hours to $0.227.
Over a larger time period, the value of Dogecoin, initially a humorous form of digital currency, has soared by 50% during the past week. This significant increase can be attributed to several factors such as rising investor attention and an overall optimistic market outlook. Notably, Bitcoin reached unprecedented highs of $79,799 in today’s trading session, indicating a positive trend across the broader crypto market.
The strong upward trend in Dogecoin appears to be backed by technical analysis. Specifically, Dogecoin started rising following the appearance of a golden cross – a bullish indicator that takes place when the 50-day Simple Moving Average (SMA) surpasses the 200-day SMA on its daily charts. Since November 4th, Dogecoin has consistently climbed higher for six out of seven days.
The peak of this increase reached a maximum of $0.232 during the early trading session on Sunday, and subsequently settled around $0.227 at the current reporting time. This remarkable surge has propelled Dogecoin’s market value over XRP, enabling it to exceed XRP in terms of market capitalization.
Dogecoin now seventh largest cryptocurrency
Based on information from CoinMarketCap, the digital currency Dogecoin has moved up a position and is now ranked seventh among all cryptocurrencies. Previously, XRP was in seventh place, but it has been bumped down to eighth due to Dogecoin’s advancement.
Dogecoin ranks near the top with a market cap of approximately $33.32 billion, while XRP is not far behind at roughly $33.29 billion in market value.
Over the past week, XRP has climbed more significantly, but its increases were less substantial compared to its weekly rise. Specifically, over the course of a week, XRP increased by 16%, whereas in the last 24 hours, it has risen by 6% to $0.585, peaking at an intraday high of $0.592, which hasn’t been seen since early October.
From my perspective as an analyst, it’s intriguing to observe Dogecoin’s ongoing surge in the limelight. I’m eagerly watching its trajectory over the coming weeks, curious if it can sustain this new status. Whether Dogecoin will outshine XRP consistently or keep climbing higher, though, still remains a mystery.
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2024-11-10 12:38