- Dogecoin has flipped Ripple to become the 6th largest cryptocurrency by market cap.
- Discover how this key milestone could propel DOGE towards the $1 mark.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull runs and bear markets. The recent surge of Dogecoin [DOGE] has caught my attention, particularly its flipping of Ripple [XRP] to become the 6th largest cryptocurrency by market cap.
With a remarkable surge of 23%, Dogecoin [DOGE] currently leads as today’s top gainer. In this ongoing bull run, it has achieved significant milestones. Notably, DOGE has surpassed Ripple [XRP], claiming the position of the 6th largest cryptocurrency in terms of market capitalization.
In the wake of the excitement following the elections, money has moved from Bitcoin towards other investments. Among these alternatives, Dogecoin (DOGE) has experienced the greatest growth, soaring by more than 80% in just a week. It continues to hold its ground compared to its competitors.
Furthermore, well-known backing from an individual joining politics adds to Dogecoin’s surge. However, it’s worth asking if such elements are potent enough to ignite an exponential growth trajectory and propel Dogecoin beyond the $1 mark?
If THIS pattern unfolds, Dogecoin could soon hit $1
Historically, following each election cycle, DOGE has seen growth spurts, often experiencing significant rises around a year afterward. If this trend continues, Dogecoin might reach the $1 mark during the first quarter of the coming year.
Source : X
In many instances of trading, less expensive options such as Dogecoin (currently valued at $0.2882) are often preferred over high-value investments like Bitcoin because they present a more affordable entry point for investors, drawing in more investment compared to the latter.
Generally speaking, after the excitement of an election dies down, issues such as rising interest rates, inflation, and joblessness often reemerge, causing investors to pull back from Bitcoin. In these financial conditions, many opt to diversify their investments by exploring alternative cryptocurrencies. Notably, Dogecoin has managed to take advantage of this trend.
In simpler terms, given the past trend, it’s reasonable to anticipate that similar circumstances, such as economic instability or a depreciating dollar, might trigger another upward price movement (bull run) for DOGE in the coming year.
Ripple’s defeat shows DOGE is more than just a memecoin
It’s worth noting that the latest findings indicate a positive forecast for Ripple. The signs from on-chain analysis suggest a robust growth trend, as demonstrated by its 14% increase over the past week.
Contrarily, even though XRP demonstrated a positive upward trend, Dogecoin managed to surpass Ripple’s market position by moving up to the 6th rank, leaving XRP behind.
This transition emphasizes that Dogecoin is gaining significant power, despite Ripple’s possible expansion. As a result, Dogecoin is being perceived not only as a humorous coin, but also as a gradually maturing and reliable investment category.
This significant advancement bodes well for the Dogecoin community, as its reputation shifts from a wildly fluctuating digital currency to one that offers practical applications. With this transformation, its chances of reaching the $1 value milestone become much stronger.
Whales are reinforcing this trend
Over the past three months, there’s been a substantial increase in whales holding Dogecoin, approaching the one-billion dollar mark. This trend is primarily fueled by the excitement surrounding recent elections.
Source : IntoTheBlock
To help Dogecoin reach a dollar, it’s crucial that those who hold it remain optimistic about its future prospects. By emphasizing the strengths and potential of Dogecoin, investors might be less likely to sell their coins, thereby keeping Dogecoin’s inherent worth on display.
As a seasoned crypto investor, I’m optimistic about Dogecoin (DOGE) and believe it could potentially reach $1 by the close of Q1 2023, considering its historical trends.
Indeed, if Dogecoin manages to surpass Ripple, it might signify a crucial turning point in its development. Breaking through significant resistance thresholds could propel it towards unprecedented peak values.
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2024-11-12 09:12