Dogecoin Passes XRP Based on Market Cap

Bittime - Dogecoin has made history again in the crypto world. Last Sunday, Dogecoin (DOGE) managed to surpass XRP in market capitalization rankings, driven by positive sentiment regarding Elon Musk's support. 

Dogecoin's 25% price surge in the last 24 hours not only saw it overtake XRP, but also strengthened Dogecoin's position as one of the largest crypto assets on the market. How did this development come about, and what is driving Dogecoin's incredible rise? Let's dig deeper.

DOGE Surpasses XRP Market Cap

Dogecoin, often considered a "meme coin," surged above $0.23 (around Rp. 3,588) and reached levels not seen since November 2021. 

With a market capitalization of more than $34 billion (around IDR 531.2 trillion) as of Sunday, DOGE managed to outperform XRP's capitalization which was recorded at $33.3 billion (around IDR 519.48 trillion). 

This success establishes Dogecoin as one of the digital assets with the largest capitalization in the world, which is expected to surpass the USDC stablecoin if this trend continues.

Read also: Dogecoin Restarts Falling Wedge Pattern, Potential Rise to $10

Elon Musk's Role in DOGE Price Increase

DOGE's significant increase cannot be separated from the involvement of Elon Musk, a well-known technology figure who has a strong influence in the crypto world. Musk's relationship with Dogecoin is no longer a secret, but this time there is a new sentiment that strengthens DOGE's position. 

Speculation is growing among investors that Musk plans to propose the creation of a "Department of Government Efficiency" in the United States, abbreviated as D.O.G.E. This plan is thought to be able to bring Dogecoin into the mainstream media spotlight, sparking new attention to this digital currency.

Donald Trump, who is likely to serve a second term as president, has even said he will involve Musk in a government efficiency commission. This plan further increases the crypto community's enthusiasm for Dogecoin. 

This creates expectations that DOGE will be talked about more often, thereby driving up the demand and price of this token.

High Dogecoin Trading Interest

DOGE's popularity is also evident from the increasing interest in futures contracts linked to Dogecoin. It was recorded that open interest in DOGE futures contracts rose by 33% in the last week, reaching more than 8.33 billion DOGE, or $1.8 billion (around IDR 28.08 trillion). 

This increase in open interest indicates that traders are still optimistic about the potential for DOGE prices to be even higher in the near future.

Read also: DOGE Price Rebounds, Here's the Analysis!

Ethereum Memecoin D.O.G.E Phenomenon

Not only the original Dogecoin felt the impact, but also another meme coin known as D.O.G.E, which operates on the Ethereum network. This parody token has seen its price increase by more than 600% since the beginning of October, with a market capitalization reaching more than $160 million (around IDR 2.5 trillion). 

Even though it is on a smaller scale, this increase shows how much attention investors pay to this D.O.G.E trend.

Will DOGE's Rise Continue?

Analysts predict that Dogecoin's upward trend will not stop anytime soon. As a crypto asset with a strong community base, and supported by public figures such as Elon Musk, Dogecoin has great potential to continue to grow. 

If prices continue to rise, DOGE could possibly surpass USDC, which currently has a capitalization of $37 billion (around IDR 577.2 trillion), in the next few days.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.