Can Dogecoin Flip Ripple? Here’s What It Would Take By Benzinga

Benzinga – Popular Meme Cryptocurrency, dogecoin On the verge of exceeding (CRYPTO:DOGE) ripple-Affiliation XRP We converted (CRYPTO: XRP) to market value following the recent price spike.

what happened: Dogecoin price surged more than 10% and reached an all-time high of $0.1975. The cryptocurrency is currently priced at $0.1995, outperforming its main rivals and becoming the best-performing cryptocurrency among the top 20, according to data from Benzinga Pro. Shiba Inu (SHIB).

With this price increase, Dogecoin is now closer to XRP, which has only seen an increase of 0.9% in the past 24 hours. The two cryptocurrencies are currently valued at $32.8 billion and $28 billion, respectively, according to CoinMarketCap data.

For Dogecoin to surpass XRP in market value, it would need to increase its market value by approximately 17.14%.

According to CoinGlass data, $3.86 million worth of Dogecoin shorts were liquidated in the past 24 hours, making up the bulk of liquidated positions ($6.42 million). According to data from CoinMarketCap, Dogecoin generated $2.44 billion in 24-hour trading volume, making it one of the most traded cryptocurrencies.

SEE ALSO: Is Shibu Inu set to proliferate? Social buzz and token burning drive speculation

Despite this bullish trend, recent data from IntoTheBlock indicates that Dogecoin’s positive trend may be fragile, with currently mostly negative on-chain signals being observed. Masu.

why is it important: Dogecoin’s resurgence comes after a downturn in the broader cryptocurrency space. Meme coins are gaining investor interest and their prices are rising.

Dogecoin has risen significantly as sentiment towards cryptocurrencies has improved. This rally is seen as a new bull market for Dogecoin, with other meme coins like Dogwifat also rising.

Meanwhile, the Bitcoin to Ether ratio, a key indicator in the crypto market, signals a potential warning for the ongoing crypto rally.

Read next: Crypto lending 101: Make the most of your idle digital assets

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