Dogecoin flipped Toncoin today to become the eighth-largest cryptocurrency on the market, sparking speculation about whether it could flip XRP, whose price has remained stagnant. DOGE has a strong case, including Elon Musk’s backing and its use of payments at Tesla, industry-wide meme coin bullish rallies, and a strong community.
Dogecoin has been acquired 7.7% During the last 24 hours to trade at $0.164 With a market value of $23.67 billion. In the process, I flipped a Toncoin, which I just gained 3.2% At that time, becoming the eighth largest cryptocurrency. DOGE is now just behind XRP on the charts, and speculation is rife as to whether it has what it takes to overtake it amid the SEC headwinds.
In the past day, the price of XRP has increased 5.64% To trade in $0.5418 With a market capitalization of $29.95 billion, it is the seventh largest under USDC.
Despite being embroiled in a multi-year lawsuit with the Securities and Exchange Commission, XRP has managed to remain one of the largest projects. However, according to some analysts, it may lose ground to DOGE in the near future.
One of the main reasons why Dogeocoin continues to rise is the support it gets from Elon Musk. The X owner and SpaceX CEO is easily one of the most influential people on Earth, has been openly supportive of DOGE and has been known to post on social media often to drum up support for the meme coin. Musk’s love for the project landed him the focus of an appearance on Saturday Night Live, and he hasn’t slowed down since.
Musk’s support has translated to electric car giant Tesla, which allows users to pay for some items through DOGE. Although one cannot buy a Tesla using the meme cryptocurrency yet, the integration is an important first step and exposes more people to the meme currency. Ultimately, a non-crypto citizen wouldn’t feel comfortable paying tens of thousands of dollars in coin to buy a car, but wouldn’t mind spending a few hundred dollars for Tesla goods.
Dogecoin to flip XRP?
For several years after its launch, Dogecoin was dismissed as a meme currency that would soon fade away. However, she turned her weakness into one of her greatest strengths. Today, Dogecoin attracts more beginners than most cryptocurrency projects, including XRP, who are attracted by its fun and easy-to-use nature.
Additionally, being a meme coin, DOGE has made significant gains in bull markets. In the latest bull run, meme coins led the pack, with the likes of WIF, BOME and BONK setting new records. While DOGE may not have been able to keep up with these shiny new coins, it was among the top gainers.
In the past six months, DOGE has risen 134%, while XRP has lost 3.61%. If this trend continues, it won’t be long before Dogecoin upends XRP.
XRP is also facing significant headwinds in Ripple’s lawsuit with the Securities and Exchange Commission. If Ripple loses, XRP will likely tumble significantly, giving DOGE a great chance of overtaking it. However, most legal experts expect Ripple to emerge unscathed, Crypto News Flash reported.
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