Why DogeCoin Flipping XRP Is Extremely Alarming

When DOGE bulls put on their seat belts and drove bullishly to new levels, XRP had to give way for the meme coin to take the 4th position. At the time of this report, Dogecoin is valued at a market price of $0.58, having gained by 95% in 7 days.

Dogecoin is still very much in the green zone, but only a while back, the market was way more heated. DOGE rose over 37% in the last 48hrs, bringing a weekly price increase to 147%.

DOGEUSD Chart By TradingView

This makes Dogecoin one of the highest gainers within the last fourteen days. For the first time ever, the crypto asset hit $0.69, before declining slightly to $0.67. DOGE’s market cap also hit $87 billion, making it larger than FedEx and many other stocks.

DOGE overtaking XRP is a huge deal

Dogecoin overtaking XRP is quite alarming to analysts whose sentiments are equally mixed. The meme coin has been one of this year’s best performers. With this speed, DOGE could very easily hit $1 this year; a price mark that the community has been anticipating since last year.

For some Bitcoiners, DOGE overthrowing XRP is a sign that the altcoin season has reached its peak and that Bitcoin could retrace its step back to the limelight.

Meanwhile, the CEO of Binance has been quite bullish on Doge. He took to Twitter recently to say he underestimated DOGE.

Edward Moya, a senior market analyst at Oanda is suspecting that institutional players are to be credited in part for the asset’s upsurge.

“The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher,” Edward noted.

As we predicted in our last report, Moya opines that it is likely that the asset will jump, following Elon Musk’s SNL price performance and market players are hoping to tap from this price pump. 

“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.” he added.