thecryptobasic.com
Dogecoin ($DOGE) has spiked 44% over the past week, capitalizing on the recent market-wide rebound to surpass Cardano ($ADA), with its eyes now set on $XRP.
Dogecoin had witnessed one of the largest declines during the recent crypto market slump, dropping 40.6% from the previous yearly high of $0.2067 on March 5 to a low of $0.1226 on March 20.
Interestingly, being one of the biggest losers in the previous market downturn, $DOGE has now secured a spot among the biggest gainers amid the market recovery. Dogecoin secured a massive 18.56% intraday increase on March 20, essentially breaching multiple resistance points to reclaim $0.15.
Dogecoin Spikes 44% in 1 Week
Since then, the cryptocurrency has persistently witnessed a market uptrend, recording six winning sessions over the past eight days. Amid the upsurge, Dogecoin has clinched newer heights, breaching its previous yearly high of $0.2067.
$DOGE is now one of the few assets that have now surpassed its previous yearly peak. Its market run has come from an increase in interest, commanding $6.4 billion in 24-hour volume amid a 97% increase. The $DOGE/USDT pair now commands the fourth largest volume on Binance, reaching $1.32 billion.
The asset has met minimal resistance on its recovery path, surging 83% from the $0.1226 low on March 20 to a new yearly peak of $0.2251 today. Dogecoin has now increased 44% over the past week, with its recent price rally allowing it to surpass Cardano’s market cap.
Due to the price increase, Dogecoin’s market valuation has breached the $30 billion mark, now sitting at $30.97 billion. Interestingly, Cardano’s market cap now sits at $23 billion, about $7 billion less than $DOGE.
Cardano founder Charles Hoskinson asserted that the start of the altcoin season would be marked by Dogecoin overtaking Cardano in market capitalization. At the time, Cardano boasted a market cap of $26.89 billion, while $DOGE had a valuation of $25.51 billion.
$DOGE Looks to Surpass $XRP
Dogecoin has now added $5.46 billion to its market value since then, with $ADA losing $3.89 billion amid a price decline. $DOGE, which currently sits eighth on the list of largest assets by market cap, now has its eyes set on overtaking $XRP’s sixth position.
However, the asset must first surpass $USDC, which currently has a valuation of $32.2 billion. Dogecoin would need to add $1.23 billion to its market valuation to overtake $USDC. In addition, $DOGE’s market cap must increase by $3 billion to surpass $XRP’s valuation of $34 billion.
Dogecoin is bound to face formidable resistance on the journey to surpass $USDC and $XRP. To breach the $34 billion market cap, Dogecoin’s price would need to surge to the $0.2366 price level. The last time $DOGE saw this value was in November 2021, during the 2021 bull run.