Dogecoinās total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.
Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.
The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.
But here are seven reasons why Dogecoin could flip Rippleās market cap later this year with one or two little green candles.
Dogecoin has Elon Musk. Thatās such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.
The closest it has so far is Gary Gensler. After all, the SEC Chairmanās fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.
DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, āDogecoin might be my fav cryptocurrency. Itās pretty cool.ā Thatās a +4,600% gain for the OG meme coin in five yearsā time for an average annualized return on investment of +920%.
Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.
Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, āData from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.ā
Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Rippleās token.
Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.
Tesla, Inc. has accepted Doge for years ā for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.
Musk said back in March that he thought Tesla should add support for Dogecoin payments.
XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economyās network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.
Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.
Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesnāt want a furry mascot to boost its popularity in the near term. Maybe that shouldnāt matter. But to crypto bros, it does.
2023ās top gainers were mostly meme coins. Q1 2024ās crypto leader was also a meme coin ā PopCat.
Dogecoinās peers are unstoppable!
The currencyās meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.
New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.
Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Dogeās price has staying power with its crypto mining/proof-of-work investors.
Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.
Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. Itās the worldās biggest bounty for cheaper sources of electricity.
The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.
Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.
Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto marketsā already voracious demand for inflation shelters like Bitcoin and Dogecoin.
Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoinās price could be undervalued at $0.14 after falling from its $0.22 peak in March.
The post 7 Reasons Dogecoin (DOGE) Could Flip Rippleās XRP in 2024 appeared first on CryptoPotato.
Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.
The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.
But here are seven reasons why Dogecoin could flip Rippleās market cap later this year with one or two little green candles.
1. Elon Musk
Dogecoin has Elon Musk. Thatās such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.
The closest it has so far is Gary Gensler. After all, the SEC Chairmanās fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.
DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, āDogecoin might be my fav cryptocurrency. Itās pretty cool.ā Thatās a +4,600% gain for the OG meme coin in five yearsā time for an average annualized return on investment of +920%.
2. Dogecoin Large Holders Inflows Up 582%
Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.
Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, āData from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.ā
28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx
ā Whale Alert (@whale_alert) May 5, 2024
Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Rippleās token.
Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.
3. Tesla Adds Dogecoin For Payments
Tesla, Inc. has accepted Doge for years ā for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.
Musk said back in March that he thought Tesla should add support for Dogecoin payments.
XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economyās network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.
4. Much Meme Power
Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.
Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesnāt want a furry mascot to boost its popularity in the near term. Maybe that shouldnāt matter. But to crypto bros, it does.
2023ās top gainers were mostly meme coins. Q1 2024ās crypto leader was also a meme coin ā PopCat.
5. Very Teamwork, Such Clout
Dogecoinās peers are unstoppable!
The currencyās meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.
New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.
6. Proof of Work Power
Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Dogeās price has staying power with its crypto mining/proof-of-work investors.
Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.
Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. Itās the worldās biggest bounty for cheaper sources of electricity.
The future of toilet paper pic.twitter.com/I5THg684tz
ā Arsen | Bitcoin Therapy(@satoshibaggins) May 9, 2024
7. Fed Rate Cuts Later This Year
The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.
Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.
Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto marketsā already voracious demand for inflation shelters like Bitcoin and Dogecoin.
Bottom Line for Investors
Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoinās price could be undervalued at $0.14 after falling from its $0.22 peak in March.
The post 7 Reasons Dogecoin (DOGE) Could Flip Rippleās XRP in 2024 appeared first on CryptoPotato.
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