Dogecoin (DOGE) Overtakes XRP, USDC to Become Sixth-Most Valuable Crypto

The leading canine-themed cryptocurrency, Dogecoin (DOGE), today overtook Ripple-promoted XRP and Circle's USDC stablecoin to become the sixth-most valuable crypto in the world.

Dogecoin (DOGE) has become the sixth-most valuable cryptocurrency in the world, surging past Ripple-promoted XRP and Circle’s USDC stablecoin.

The canine-themed cryptocurrency enjoyed a 28.8% upswing in the last 24 hours alone. Over a seven-day period, DOGE has surged by an impressive 78.3%. At press time, the Shiba Inu-represented crypto was changing hands for around $0.2641 — its highest level since November 2021.

According to data from CoinGecko, DOGE is now valued at roughly $38.5 billion, while XRP is ranked eighth at around $34 billion. For comparison, Bitcoin remains king with a market capitalization above $1.57 trillion. The Doge project has also unseated the USDC stablecoin, which currently boasts a market value of approximately $37 billion.

Dogecoin is on the Verge of a Meteoric Price Spike

Popular analyst Ali Martinez has suggested that analyzing Dogecoin’s past bull cycles could help predict an upcoming price top.

According to Martinez, based on historical patterns, a potential Dogecoin top might be at the 1.618 and 2.272 Fibonacci levels. Past bull cycles indicate that DOGE could potentially reach $3.95 to $23.26 if similar momentum follows.

Meanwhile, with eccentric X owner Musk now likely having influence in the Trump administration, Dogecoin’s future prospects look promising.

The price of Dogecoin has more than doubled over the last month, rising 136% during that span amid renewed hype due to Dogefather Elon Musk repeatedly speaking about the proposed Department of Government Efficiency (D.O.G.E.) agency, which aims to cut government spending. The agency’s acronym, D.O.G.E., mirrors Dogecoin’s ticker name, sending the O.G. meme coin’s price soaring.

The Tesla and SpaceX CEO has long been associated with Dogecoin, declaring himself a big fan of the coin and frequently buoying the token’s price with his social media posts and appearances.

President-elect Trump had already said pre-election that he would tap the tech titan to lead the D.O.G.E office. Now, with Trump’s win secured and the wider crypto market blasting off on the back of the Republican frontrunner’s handful of crypto industry promises, Dogecoin traders and investors have been whipped into a craze as they anticipate the meme coin’s ticker to become a part of the Executive Branch under Musk for years to come.

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