- XRP and DOGE are mixed on the charts of cryptocurrencies with market capitalizations exceeding $30 billion.
- Dogecoin’s dominance has been solidified as trading volumes surge across the market.
- While on-chain indicators are all bullish, DOGE is still 74% above its all-time high.
Dogecoin (DOGE) continued its massive bull run in the days surrounding the US Presidential Election. With the price of Dogecoin crossing $0.20 for the first time since April 1, 2024, market observers were stunned by the massive trading volume of the largest proof-of-work (PoW) chain outside of Bitcoin (BTC).
Dogecoin Switches Chair to Ripple’s XRP
An unusual change in the global cryptocurrency rankings was highlighted by Dogecoin’s 25% rise on Wednesday. Dogecoin briefly surpassed Ripple (XRP) to take 7th place in terms of global market capitalization. Both popular altcoins have now soared to over $30 billion in market capitalization.
Shortly after achieving this milestone, cryptocurrency’s biggest dog coin rallied around 25% of its gains, losing $2 billion in market capitalization. So far, Dogecoin’s price has remained above the $0.19 support level, despite a 4% market correction on Thursday. Meanwhile, Ripple soared to $0.569, but was refused trading below $0.55 in the intraday adjustment.
Dogecoin’s PoW, which recorded over $13 billion in 24-hour spot trading volume on Wednesday, remains one of the most active chains behind Bitcoin and Ethereum (ETH). As the flagship digital asset Bitcoin (BTC) hit a new all-time high of $76,000, the price of Dogecoin showed a price correlation of 0.93.
DOGE’s popularity in the derivatives market helped the dog meme coin reach $9 billion in 24-hour trading volume. According to CoinGlass, the OI-weighted funding ratio reached a half-year high of 0.0241%, and open interest (OI), which reflects outstanding plays, hit $1.63 billion.
A new peak for Dogecoin is just around the corner.
Popular cryptocurrency analysts like seasoned trader Peter Brandt expect Dogecoin’s comeback to bear fruit with a new all-time high as the massive channel breakout ended a multi-year downward trend for the top dog altcoin. The long-term success of large altcoins largely depends on the usage of the chain, which proves that DOGE has grown beyond meme coin status.
With its gradually expanding network and renewed interest from large cryptocurrency investors known as whales, Dogecoin’s bullish momentum is backed by more than just social hype. Dogecoin’s price is still 74% off its all-time high of $0.7316 three years ago.
On the flip side
- Real-time statistics from the derivatives market show that there is an issue with the liquidation of altcoin leveraged positions.
- Amid the 25% rally, long Dogecoin holders spent $11.7 million of the $17.11 million total liquidation.
Why This Matters
Dogecoin has witnessed growing public awareness due to favorable events in the US political scene and increased adoption as a means of payment.
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