As of today, DOGE is the eighth largest cryptocurrency, with a market valuation of $12,860,963,970.
DOGE the meme coin is currently on the speedy wheels means that DOGE nearly surpassed XRP’s market capitalization. This would move DOGE up on the list of the top cryptocurrencies in the market.
Although DOGE gained 5.47% and 5.37% respectively in comparison to Bitcoin (BTC) and Ethereum (ETH). But still, its 24-hour trading volume remains negative.
The current trading volume of DOGE remains at $882007,260, which marks a drop of 32% in its trading volume compared to the previous day.
DOGE’s Current Market Ranking
However, the meme coin’s current value makes it the world’s 8th biggest cryptocurrency based on its market cap of $12,860,963,970.
This puts the meme coin directly behind XRP, which stands at 7th position with a market cap of $20,158,695,6.
With DOGE standing right behind the XRP, XRP needs to start strong in the upcoming trading week starting from tomorrow.
XRP Can be in Trouble Following the Current Rise in DOGE’s Price
Experts have a voice that the current market outlook is not friendly for XRP and going forward things can be trickier for XRP.
As of today, at the end of the day, XRP’s price dropped by 1.18% with the current market price of $0.4006.
However, the cryptocurrency is still up by more than 2% thanks to its previous week’s performance.
But in terms of its market cap, which is now at $534,443,972, a drop of 48%, the currency stands in the red zone with the poor 24 hours performance.
The analysis published by CoinMarketCap revealed as the cryptocurrency market is recovering, other cryptocurrencies are gaining more and more strength against Bitcoin. In the coming weeks, Dogecoin is to gain further stability.
Investors’ Sentiment
The information that is shared in price analysis by CoinMarketCap is solely in the interest of investors so they can take a timely decision.
Despite the current drop in the price of XRP, XRP’s one-week performance is solid and stable. On the other hand, DOGE, the meme cion is known for its rapid price hikes and unpredictability.
Cryptocurrency market experts believe that as the cryptocurrency market is slowly rising, DOGE’s higher market cap can contribute to the coin’s need for stability. The current trends have shown that this is the right time to invest in DOGE.
Moreover, another popular crypto news and analysis platform ‘CoinSwitch’ forecasts that Dogecoin’s market price may further increase by $0.03 in 2023 and it will keep increasing to $0.045 by the end of 2025.
This sustained predicted rise in the DOGE coin value makes it one of the hottest digital tokens to invest in.
