- Coming from a strong meme coin-led bull rally, Dogecoin looks set to flip USDC and XRP to become the sixth-largest crypto in the market.
- DOGE is a 24% rally away from dethroning XRP from being one of the top five non-stablecoin tokens in the market, a position it has held for several years.
It’s an open secret that meme coins are some of the most prominent coins in today’s market. Dogecoin has held its position as the largest in the category despite recording lower gains than its peers in the ongoing bull market. DOGE now has its sights set on dethroning USDC and XRP to become one of the top five non-stablecoin cryptocurrencies in the world.
DOGE trades at $0.1919, shedding 5.5% over the past day, but it’s still up 3.7% over the past week after the bulls took control on Sunday and reversed six days of bearish market movements.
With a market cap of $27.637 billion, Dogecoin is the eighth-largest crypto in the market. It trails USDC at $32.574 billion and XRP at $34.532 billion. As it edges closer to XRP, the crypto community is rife with speculation on when the flippening will be.
On Monday, DOGE recorded strong price movements, gaining 15.45% to hit $30.98 billion in market cap. As Crypto News Flash reported, all it needed was a 12% rise to flip XRP.
DOGE might actually flip XRP too
pic.twitter.com/fI53Q8Ocoh
— Alex Svanevik
(@ASvanevik) March 28, 2024
This isn’t the first time XRP is on the verge of losing to a smaller, newer coin. Once the third-largest crypto after Bitcoin and Ethereum, it now sits sixth and looks likely to drop a few spots in the near future.
Perhaps the best indicator of XRP’s fall from grace is its battle with Solana’s SOL. At some point, the two were neck and neck as each community rallied behind its token. However, XRP slowed down, and SOL continued to take off; in the past year alone, SOL has gained 762% as its ecosystem has continued to grow with new meme coins, decentralized exchanges, NFT issuers and more.
Today, Solana is worth $77.599 billion and has firmly cemented its spot in the top five cryptos.
XRP then engaged in a battle with BNB, the native token of the BNB Chain, formerly Binance Smart Chain. The results were similar, with BNB soaring as XRP stagnated. Today, BNB’s market cap is at $87.2 billion, more than twice that of XRP.
Meanwhile, Dogecoin has enjoyed a great bull market, boosted significantly by the rise in meme coin trading as new tokens flooded the market and gained billion-dollar valuations in months. Dogwifhat, for instance, launched in November last year, and today, it’s worth $3.92 billion.
In the past year, Dogecoin has more than doubled its price, gaining 135% to shoot from $0.05 last October to set a new three-year high at $0.2134 a week ago.
