- After nearly doubling in value since March 18, Dogecoin threatened XRP’s top 5 ranking, although it has since experienced a 7.48% fall.
- Memecoins, like Dogecoin, have performed much better in 2024 than the whole cryptocurrency market.
For several of years, Ripple’s XRP has been a mainstay among the top non-stablecoin competitors, consistently ranking in the top 5. This accomplishment is evidence of the token’s lasting appeal and strong infrastructure.
But recent changes in the market have brought an unexpected rival to XRP’s dominant position: Dogecoin (DOGE), the top memecoin recognized for its active community and viral online roots, in line with what ETHNews previously disclosed.
DOGE might actually flip XRP too 👀 pic.twitter.com/fI53Q8Ocoh
— Alex Svanevik 🐧 (@ASvanevik) March 28, 2024
Dogecoin’s Optimistic Rise
The history of Dogecoin has been nothing short of a wild ride. With its quick price swings that are typical of memecoins, it has seen a number of sharp increases and decreases. However, since March 18, Dogecoin has grown and persevered very well, nearly doubling its value from $0.13 to a peak of $0.2.
It has been able to surpass more seasoned competitors like Avalanche and Cardano thanks to its bullish run, putting it in a position where it could upset XRP’s top 5 standing.
Dogecoin, meanwhile, has had a setback as of this writing, trading at roughly $0.1881, following a 7.48% drop in the previous day. This decline, which is a part of a larger market correction, will put Dogecoin’s recent gains to the test and will try the patience of its investors.
XRP’s Battle to Hold Its Lead
Things indeed turned bad for XRP. It had been jousting at one time with Binance Coin (BNB) for third position in cryptocurrency rankings as recently as October 2023 A sad day started in October 2023 XRP lost ground and plummeted to fifth place becoming a deserted city, while Binance Coin reclaimed the high ground.
Dogecoin is currently leading the charge. This year 2024 is set to be the era of the memecoin.
Over the performance of the top six memecoins has far outpaced that of the whole cryptocurrency market, indicating that the high-risk, high-yield investments are now attracting more and more money.
While some of the biggest gains have been made by solana-based memecoins like BONK and WIF, Dogecoin’s 150% increase since early March continues to be the trend’s high point.
Market Consequences and Upcoming Opportunities
With tokens like Dogecoin and XRP serving as prime examples of the quick changes in investor mood and market dynamics, the cryptocurrency market is well known for its volatility.
As Dogecoin approaches XRP’s market share, the question of whether XRP can resist this unorthodox rival or whether Dogecoin’s meme-fueled surge heralds a new era in cryptocurrency rankings looms. Lets see.