Dogecoin (DOGE) has attracted attention in the cryptocurrency market with its rapid increase in value over the past week. Created as a joke, this dog-themed cryptocurrency has surpassed the XRP coin project, which has long held the lead in market value, and has risen to seventh place in the rankings. This rise, supported especially by increasing investor interest and positive market conditions, has increased Dogecoin’s value by 50 percent on a weekly basis, creating new excitement in the cryptocurrency world. Below Form
Dogecoin surpasses XRP coin project
Dogecoin (DOGE), a dog-themed cryptocurrency, has surpassed XRP in market value after a significant price increase last week. According to CoinMarketCap data, Dogecoin (DOGE) has increased by 9 percent in the last 24 hours, reaching $0.227. When looked at over a longer period of time, the value of Dogecoin, which was created as a joke, has skyrocketed by 50 percent since last week. This increase was supported by the increasing investor interest and the positive sentiment in the market, while Bitcoin also reached an all-time high of $79,799 in today’s trading session.
Dogecoin’s rise is likely supported by technical analysis. In particular, Dogecoin began to rise after the daily charts formed a bullish golden crossover, where the daily SMA 50 crossed above the daily SMA 200. Since November 4, Dogecoin has had six consecutive days with green candles.
What’s behind the increase?
This increase peaked at $0.232 early Sunday before stabilizing around $0.227 at the time of publication. This impressive rise has allowed Dogecoin to surpass XRP by increasing its market cap. Now, Dogecoin has knocked XRP into eighth place as the seventh-largest cryptocurrency, according to CoinMarketCap data. Dogecoin’s market cap is currently $33.32 billion, while XRP’s is $33.29 billion.
XRP has also been on the rise since last week, but its gains have been smaller. Weekly, XRP is up 16 percent and at the time of publication, it was up 6 percent in the last 24 hours at $0.585, reaching an intraday high of $0.592, last seen in early October. While Dogecoin continues to attract attention, it is a matter of curiosity how it will perform in the coming weeks and whether it will be able to maintain its new position. However, it remains unclear whether Dogecoin will maintain its leadership over the XRP coin or whether it will continue its rise.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
