With the broader market experiencing a rapid rally, the price of Dogecoin has soared by 50%, pushing it up in ranking overall
Dogecoin (DOGE) is the “first memecoin” that has flipped XRP in cryptocurrency. DOGE’s market capitalization flipped XRP as the dog-themed asset recorded a significant spike in price. As per CoinMarketCap data, Dogecoin exchanges for $0.2467, representing a 19.73% surge in the last 24 hours.
Technical Momentum and the “Golden Cross” Signal
Dogecoin has witnessed renewed investors’ interest in the last seven days, which pushed the market volume up by a notable 100.46% to $8.25 billion. With a market capitalization of $36.63 billion, DOGE becomes the seventh largest asset in the crypto space, over $2 billion more than that of XRP.
XRP’s market capitalization, which has risen by 10.12% to $34.38 billion, still falls below DOGE. Interestingly, XRP has also soared in investors’ interest by 146.38% to $3.26 billion. However, despite the price difference between the two assets, DOGE has risen to the seventh position.
Additionally, technical analysis shows that Dogecoin’s bullish rally commenced after hitting a golden cross. That is, its daily SMA 50 crossed above the daily SMA 200 on the DOGE charts. The memecoin has recorded a significant climb in the last six days. The bullish run has seen it reach a new high this month.
With Dogecoin’s notable climb, investors and the broader crypto community will watch to see if it can sustain the momentum to retain the seventh position. The memecoin, which started as a joke, has continued gaining traction in cryptocurrency. Dogecoin’s popularity has surged with increased support from memecoin enthusiasts and its financial inclusivity and celebrity endorsement.
Musk’s Influence on Dogecoin
Elon Musk, Tesla CEO, remains one of the key influencers on the DOGE price movement. Dogecoin has experienced bullish movements following Musk’s posts on X. In a recent interview, Musk stated his affinity for Dogecoin flows from his love for dogs and memes.
Additionally, Tesla accepts DOGE as a payment option, causing some to speculate he could expand its utility to other entities like X. Meanwhile, in the build-up to the U.S. presidential election, Musk played on DOGE to refer to the post he anticipates occupying under President-elect Donald Trump. In a post, Musk had teased about the office, namely, the Department of Government Efficiency (DOGE).
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