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Dogecoin (DOGE), a dog-themed cryptocurrency, has overtaken XRP in market capitalization following a significant price surge in the past week.
According to CoinMarketCap data, Dogecoin (DOGE) is up by 9% in the last 24 hours to $0.227.
On a bigger time frame, Dogecoin, created as a joke cryptocurrency, has seen its value skyrocket by 50% since the past week. This surge was driven by a combination of factors, including increased investor interest and broader bullish market sentiment, which saw Bitcoin hit all-time highs of $79,799 earlier in today's trading session.
Dogecoin's bullish rally is likely supported by technical analysis. Notably, Dogecoin began to rally after the emergence of a golden cross, a bullish signal that occurs when the daily SMA 50 crosses above the daily SMA 200, on its daily charts. Since Nov. 4, Dogecoin has ascended higher, on track for six out of seven days in the green.
This rise culminated in highs of $0.232 in early Sunday's session before stabilizing around $0.227 at press time. This impressive rally has pushed Dogecoin’s market cap higher, allowing it to surpass XRP in market capitalization.
Dogecoin now seventh largest cryptocurrency
According to CoinMarketCap data, Dogecoin now ranks seventh largest cryptocurrency, flipping XRP, which had previously held this spot, to eighth place.
Dogecoin boasts $33.32 billion in market capitalization followed closely by XRP's market capitalization of $33.29 billion.
XRP has likewise risen higher since the past week, however its gains were smaller. Weekly, XRP was higher by 16%; at press time it was up 6% in the last 24 hours to $0.585, having reached intraday highs of $0.592 not seen since the beginning of October.
As Dogecoin continues to capture the spotlight, it will be interesting to see how it performs in the coming weeks and whether it can maintain its newfound position. Whether Dogecoin will maintain its lead against XRP or continue to rise however remains unknown.