Dogecoin flipped Toncoin today to become the eighth-largest crypto in the market, sparking speculation on whether it can flip XRP, which has stagnated in price.
DOGE has a strong case, including the support of Elon Musk and use for payments at Tesla, the industry-wide meme coin bull rallies, and a strong community.

Dogecoin has gained 7.7% in the past 24 hours to trade at $0.164 for a $23.67 billion market cap. In the process, it has flipped Toncoin, which only gained 3.2% in that time, to become the eighth-largest crypto. DOGE is now directly behind XRP on the charts, and speculation is rife on whether it has what it takes to overtake it amid the SEC lawsuit headwind.

In the past day, XRP gained 5.64% to trade at $0.5418 for a $29.95 billion market cap, the seventh-largest below USDC.

While it has been involved in a multi-year lawsuit with the SEC, XRP has managed to remain one of the biggest projects. However, according to some analysts, it could lose its spot to DOGE in the near future.

One key reason Dogeocoin could keep ascending is the support it gets from Elon Musk. Easily one of the most influential people on earth, the X owner and SpaceX CEO has been openly supportive of DOGE and is known to post on social media often to rally support for the meme coin. Musk’s love for the project saw him make it central to his appearance on Saturday Night Live, and he hasn’t slowed down since.

Musk’s support has translated to his electric vehicle giant Tesla, which allows users to pay for some items through DOGE. While one can’t purchase a Tesla with the meme crypto yet, the integration serves as a critical first step and familiarizes more people with the meme coin. Ultimately, a non-crypto native would not be comfortable paying tens of thousands of dollars in a meme coin for a car but would not mind spending a few hundred dollars for Tesla merchandise.

Dogecoin to Flip XRP?

For several years after its launch, Dogecoin was brushed aside as a meme coin that would fade away soon. However, it turned its weakness into one of its biggest strengths. Today, Dogecoin attracts a higher number of newbies than most crypto projects, including XRP, who are attracted by its fun and easy-to-use nature.

Additionally, being a meme coin, DOGE has made outsized gains in bull markets. In the most recent bull rally, meme coins led the pack, with the likes of WIF, BOME and BONK setting new records. While DOGE may not have kept up with these new shiner meme coins, it was among the highest gainers.

In the past six months, DOGE has gained 134%, while XRP has lost 3.61%. If this trend persists, it won’t be long before Dogecoin flips XRP.

XRP also faces a significant headwind in Ripple’s SEC lawsuit. If Ripple were to lose, XRP would likely tumble significantly, giving DOGE a prime opportunity to overtake it. However, most legal experts expect Ripple to emerge unscathed, as Crypto News Flash has reported.

 

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Filed under: Bitcoin - @ May 21, 2024 7:17 pm