- XRP & DOGE shuffle in the crypto charts with market caps above $30B.
- Dogecoin’s dominance solidifies with erupting volume across markets.
- With on-chain metrics all bullish, DOGE is still 74% from its all-time high.
The gigantic bull streak for Dogecoin (DOGE) carried on for several days before and after the United States Presidential Election Day. With Dogecoin’s price above $0.20 for the first time since April 1, 2024, market watchers are taken aback by the massive trading volume on the largest Proof of Work (PoW) chain aside from Bitcoin (BTC).
Dogecoin Switches Chairs with Ripple’s XRP
An unusual shift in the global crypto ranks highlighted Dogecoin’s 25% upswing on Wednesday. Dogecoin briefly reigned over Ripple (XRP) for the 7th spot by global market cap. At the moment, both popular altcoins soared above a $30 billion market cap.
Shortly after claiming this milestone, crypto’s largest canine coin backtracked some 25% gains, losing $2 billion in market cap. So far, Dogecoin’s price has stayed above the $0.19 support level despite a 4% market correction on Thursday. Meanwhile, Ripple soared to $0.569 but was rejected in the intra-day correction to trade below $0.55.
Whipping up over $13 billion in 24-hour Spot trading volume on Wednesday, Dogecoin’s PoW remains among the most active chains, trailing only Bitcoin and Ethereum (ETH). As the flagship digital asset Bitcoin (BTC) tacked on a new all-time price milestone at $76K, Dogecoin’s price followed with a 0.93 price correlation.
The popularity of DOGE in Derivatives markets helped the canine meme coin reach $9 billion in 24-hour volume. The OI-Weighted funding rate towered to half-year heights at 0.0241%, while the Open Interest (OI), reflecting unsettled plays, stood at $1.63 billion, according to CoinGlass.
Dogecoin’s New Peak Around the Corner?
Popular crypto analysts like the seasoned trader Peter Brandt expect Dogecoin’s comeback to bear fruit in a new all-time high, as the massive channel breakout has ended a multi-year downtrend for the top dog altcoin. The long-term success of a large-cap altcoin highly depends on the chain’s usage, proving that DOGE has grown beyond its meme coin status.
With a gradually expanding network and a renewed interest from big crypto investors, known as whales, Dogecoin’s bullish momentum has more than social hype behind it. Dogecoin’s price is still 74% away from the all-time high of $0.7316, hit over three years ago.
On the Flipside
- Real-time stats in the derivatives markets display an abnormality in the altcoin’s leveraged position liquidations.
- Amid the 25% upswing, Dogecoin’s long position holders incurred $11.7M of the total $17.11M liquidations.
Why This Matters
Dogecoin has witnessed an increased share of public recognition due to favorable events in the United States political scene and rising adoption cases as a means of payment.
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