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7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024

7 Reasons Dogecoin (DOGE) Could Flip Ripple's XRP in 2024

Dogecoin's total market capitalization stands at $19.8 billion at the time of writing, with the meme coin retailing at $0.145.

Meanwhile, the price of Ripple

Ripple's lawsuit against the US Securities and Exchange Commission could end as soon as this summer, according to a legal expert. That would be an end to the ongoing headwinds for XRP and portend a rise in its fortunes.

But here are seven reasons why Dogecoin could upend Ripple's market cap later this year with one or two small green candles.

1. Elon Musk

Dogecoin has Elon Musk. This is tremendous credibility and propaganda. Ripple needs a champion with a similar advantage to stay ahead of DOGE.

The closest he has so far is Gary Gensler. After all, the SEC Chairman's strong opposition to XRP suggests to investors that it could be very disruptive in global finance and deliver significant returns for the money invested.

Doug Traded for $0.003 per coin back in April 2019 when Tesla and SpaceX were the leaders. chirp“Dogecoin might be my favorite cryptocurrency. It's pretty cool.” This represents a +4,600% gain for the OG meme coin in five years with an average annual return on investment of +920%.

2. The number of Dogecoin holders increased by 582%

Large Dogecoin holder flows rose by 582% in 24 hours on May 4, in an extremely bullish move for the asset. At the same time, Ripple whales are transferring their XRP tokens to exchanges in a bearish signal.

Crypto Day Trading Signals, a popular Dogecoin YouTube channel, mentioned“Data from IntoTheBlock reveals a significant spike in large-holding inflow, rising from 129.63 million DOGE to 754.75 million DOGE, equivalent to approximately $116.98 million USD.”

Meanwhile, XRP saw huge whale-sized moves on exchanges in May. On day 5, there was a transaction that paid 28,240,000 XRP (worth $14,948,393 at the time) to Bitstamp in a potential bearish signal for the Ripple token.

Then, on May 12, last A total of 30,230,000 Ripple coins were transferred from Unknown wallet on Bitstamp, according to Whale Alert data.

3. Tesla adds Dogecoin for payments

Tesla, Inc. accepted. Doge Company for many years – in exchange for company hats and t-shirts. This month, for the first time ever, the electric automaker began accepting DOGE payments for new cars and trucks. Very rad. Dogecoin rose 21% after its launch.

Musk said back in March that He thought Tesla should add support for Dogecoin payments.

XRP has some great partnerships too, and continues to bring more corporate brands into the conspiracy. But many of them are with large foreign banks and governments. It will take many years to bear fruit compared to the immediate boost of Doge Economy network effects. Other companies You first Doge includes Microsoft, AMC, Twitch, and Newegg.

4. So much power meme

Simply put, doge memes have enormous power on the internet, especially in the tech-obsessed sector that has deep pockets to move markets.

Ripple is more like TradFi Bank than Doge, despite its decentralization, and probably doesn't want a furry mascot to boost its near-term popularity. Maybe it shouldn't matter. But to his crypto brethren, it is.

Biggest winners in 2023 It was mostly Meme coins. Crypto leader in the first quarter of 2024 It was too Meme Coin – PopCat.

5. Very teamwork, such leverage

Dogecoin peers are unstoppable!

The strength of the currency has translated into real economic turmoil with many zeros and commas on it. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered global gains for altcoin investors over the past 12 months.

New York City ETF manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies included in the index, there are five doji currencies.

6. Proof of workforce

Even during periods like last week, when memes led losses among cryptocurrencies (After driving Gains from the previous week), Doge price is strong with crypto/proof of work mining investors.

Dogecoin is a December 2013 fork of the original Bitcoin chain that launched in January 2009. It works in the same way as the BTC network and is chosen by investors because its electricity requirement for participation helps prevent inflation and preserve purchasing power.

Environmentalists tired of central bank currency are also leaning toward proof-of-work chains. Proof of work has harnessed the digital economy in the petroleum/alternative energy industry. It is the world's largest reward for cheaper sources of electricity.

7. Fed rate cut later this year

Federal Reserve Bank May get pregnant Interest rates are steady in June, but the Bank of England can start The race is towards debt revaluation with interest rate cuts next month.

Many economists, analysts and commentators Still expecting Interest rate cuts by the Fed later this year, especially if consumer prices contract continues to Move to April and May.

Either way, after the latest $1.2 trillion spending bill in March to fund the US government for another six months, Washington is poised to spend $2.4 trillion annually. When this happens, it usually sends prices soaring and exacerbates the already voracious demand in cryptocurrency markets for inflation shelters like Bitcoin and Dogecoin.

Bottom line for investors

Digital assets are at risk of loss, and there is no way to guarantee the performance of the markets in the future. But based on the above fundamental considerations, Dogecoin could be undervalued at $0.14 after falling from its peak of $0.22 in March.

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