The popular meme cryptocurrency, Dogecoin (DOGE), is on the brink of surpassing Ripple-affiliated XRP in terms of market value, following a recent surge in price.
Dogecoin’s price soared by over 10%, reaching a peak of $0.1975. The cryptocurrency is currently priced at $0.2067, according to the data from Coinstats, making it the best-performing cryptocurrency among the top 20, outdoing its main rival, Shiba Inu (SHIB).
Doge Price Chart | Source: Coinstats
With this price hike, Dogecoin is now approaching XRP, which has only seen a modest 0.9% increase over the past 24 hours.
According to CoinMarketCap data, the two cryptocurrencies are currently valued at $32.8 billion and $28 billion, respectively.
Dogecoin needs to increase its market value by approximately 17.14% to surpass XRP in terms of market value.
See Also: Ripple To Launch A Stablecoin Backed By The US Dollar
In the last 24 hours, over $3.86 million worth of Dogecoin shorts have been liquidated, accounting for the majority of liquidated positions ($6.42 million), according to the data from CoinGlass.
Dogecoin also generated $2.44 billion in 24-hour trading volume, according to the data from CoinMarketCap, making it one of the most traded cryptocurrencies.
Despite this bullish trend, recent data from IntoTheBlock indicates that Dogecoin’s positive trend may be fragile, with mostly negative on-chain signals currently being observed.
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 sentiment toward cryptocurrencies improved. This rally is seen as a new bull market for Dogecoin, with other meme coins like Dogwifhat also moving higher.
Meanwhile, the Bitcoin-Ether ratio, a significant indicator in the cryptocurrency market, is suggesting a potential warning for the ongoing crypto rally.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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