Dogecoin is soaring thanks to Musk and the meme cryptocurrency craze, while Flockerz, with its Vote-to-Earn model, has emerged as a promising new contender for major growth. Dogecoin is increasingly asserting its position as the leading cryptocurrency in the market and is now just $2 billion away from XRP's market cap.
So, will DOGE continue its current growth momentum following Elon Musk’s recent endorsement and Donald Trump’s election victory?
DOGE Fundamentals and Price Chart Conform to Parabolic Setup
Historic price volatility, Elon Musk's growing power, and the meme money supercycle. These three factors are colliding to potentially give Dogecoin its strongest bullish setup ever.
Starting with the price action, the coin is currently forming the exact same chart pattern as before the previous cycle's bull run, which helped push the market cap to $80 billion.
Having broken out of the bear market accumulation range, it is now retesting the 2024 high. And with the bullish fundamentals we are about to explore, there is every chance that it will break this ceiling.
But back to XRP for a moment. First, it’s currently trading at $0.54 – the same price it was 18 months ago, in March 2023.
At that time, Dogecoin was trading at less than $0.70, three times lower than it is now.
Based on relative strength, Dogecoin clearly has the upper hand.
Furthermore, XRP's biggest bullish catalyst (SEC lawsuit win) has already happened. However, the price has barely changed.
Additionally, Ripple Labs is planning to launch a stablecoin for RippleNet, which could reduce the utility of XRP, making it a less desirable coin.
At the same time, the value of Dogecoin is increasingly affirmed.
It's no secret that this is Elon Musk's favorite cryptocurrency. And Musk just played a key role in helping Donald Trump win the presidential election.
Musk is even expected to lead a new unit of the US Government called the Department of Government Efficiency (DOGE) after Trump takes office.
Since its acronym mirrors Dogecoin's symbol DOGE, Musk has been having fun with it online.
Trump's inauguration is January 20, so we can expect excitement about Musk's new position to continue for the next few months.
Cryptocurrency prices are driven by narratives and Dogecoin is one of the strongest coins right now.
Furthermore, meme money became a legitimate asset class in 2024. This is evident in Dogecoin outperforming XRP, but it goes deeper than that.
Traders realize that cryptocurrency prices are largely driven by speculation (and stories). If enough people believe in something, its price will rise.
As a result, this market cycle is being called the “meme pre-supercycle” and joke tokens are expected to outperform conventional crypto assets.
Indeed, Dogecoin's status as the largest meme coin has helped it enjoy strong growth.
But during the so-called pre-meme supercycle, it was the lower market cap memes that delivered the biggest returns.
For example, while Dogecoin is up 168% over the past year, newcomer Peanut the Squirrel is up 147% this week.
Stocks like GOAT have also seen strong gains in recent weeks.
And the new presale token Flockerz is the next meme coin that traders think could explode, with some even predicting it will grow 10x.
