After XRP, Dogecoin Overtakes USDC to Become 6th-Largest Crypto by Market Cap
Release: 2024/11/11 18:09 Reading: 428
Dogecoin Surges, Securing Sixth Largest Crypto Position
Dogecoin (DOGE) has experienced a remarkable surge, surpassing $0.25 on November 10, 2024, for the first time in three years. Continuing its momentum, it has gained an additional 25% in the last 24 hours, reaching $0.28. This surge has elevated its market capitalization to a three-year high, hovering near $42 billion.
As a result, Dogecoin has surpassed XRP and the USDC stablecoin to become the sixth-largest crypto asset by market capitalization.
Predictions of Further Surge
Analysts predict that Dogecoin is poised for further gains. "Mikybull Crypto" observes a "golden cross" on its weekly chart, a bullish signal similar to the one preceding a significant price rally in 2020. Based on Fibonacci levels, price targets between $2 and $4 are considered achievable.
Ali Martinez also suggests that Dogecoin's potential peak lies within the Fibonacci retracement levels of 1.618 and 2.272, placing its possible top between $3.95 and $23.26.
Furthermore, bold predictions have emerged that Dogecoin could reach $30 by March 2025.
Fueling the Surge
Elon Musk's support for Donald Trump, now President-elect, has contributed to Dogecoin's recent rise. Musk's hint at a possible role in the Department of Government Efficiency (D.O.G.E.) has sparked speculation that Dogecoin may be incorporated into the Treasury.
Additionally, Trump's victory and pledges to support the crypto industry have buoyed the prices of dog-themed assets, including Shiba Inu (SHIB), which has surpassed Tron (TRX) and Toncoin (TON) in market capitalization rankings.
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