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Dogecoin (DOGE) Outshines Cardano in Ranking, Is XRP Next?

Tue, 04/04/2023 - 15:10
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Godfrey Benjamin
Dogecoin will need to gain at least $10 billion to displace XRP in ranking
Dogecoin (DOGE) Outshines Cardano in Ranking, Is XRP Next?
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Dogecoin (DOGE), the crypto ecosystem's largest meme coin, has taken center stage today with its massive price run and social media sentiment. With Twitter changing its logo to feature that of Dogecoin on its homepage, the digital currency has rallied by a massive 26.38% over the past 24 hours and by more than 36.54% in the trailing seven-day period.

Because of its growth at the moment, Dogecoin has printed a market capitalization of $13.72 billion, a figure that has placed it above Cardano (ADA) in terms of market ranking. While Cardano's growth over the past week has also been bullish, the DOGE advantage has made it lose its place.

Image Source: CoinMarketCap

The question to ask now is whether or not the current momentum will be sustained. Dogecoin is known as a highly volatile meme coin that has a very rich history of sharp price gains and falls. There is general knowledge that periods of price gain for Dogecoin are hardly sustained beyond a few hours and days.

Dogecoin has been lagging behind its top rivals like Shiba Inu over the past few weeks in terms of price growth, and with the current momentum, it remains to be seen what more the digital currency has in store.

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Prospects of beating XRP

Dogecoin might have outranked Cardano, and its next major asset to displace is XRP. XRP will not be easily displaced as the sixth largest digital currency. Despite its current woes, XRP's market capitalization is currently pegged slightly above $25.88 billion, giving Dogecoin a gap that is well above $10 billion.

While nothing appears impossible in crypto, beating XRP seems a very daunting desire for Dogecoin at this time. For this record to be broken, the meme coin will have to remain consistent on its growth journey, while XRP will possibly experience a massive sell-off, with the only likely trigger being a recorded loss for Ripple against the SEC.

Despite the possibility, neither of these events is bound to happen this week.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.