Dogecoin’s (DOGE-USD) recent price action suggests a possible continuation of its previous bull run following a strong performance in a weekend rally. The recent uptick in Dogecoin has led cryptocurrency analysts and traders to closely scrutinize its technical indicators and market behavior.
Over the weekend, DOGE returned to the $0.20 value level – it last reached this point in January 2022 during the final week of March 2023. Another reason analysts anticipate further upside potential for Dogecoin is its distance from a new all-time high. Unlike many other major memecoins, DOGE remains significantly below its peak of $0.76.
Dogecoin vs. XRP: Battle for Market Cap Supremacy
Amid Dogecoin’s price surge, the crypto community is curious whether DOGE might surpass and ‘flip’ XRP-USD in terms of market capitalization. The gap between Dogecoin and XRP has significantly narrowed: $29.8 billion and $33.5 billion, respectively.
A substantial chunk of Dogecoin’s ascent can be attributed to increased adoption as a payment method and the backing of prominent figures like Elon Musk.
In contrast, XRP’s performance has been relatively muted, trading below the $0.70 threshold despite the broader market rally and its legal victories against the SEC.
Understanding Dogecoin’s Positive Market Movement
Adding to Dogecoin’s bullish sentiment, significant transactions involve the movement of 200 million DOGE from Robinhood (NASDAQ:HOOD) to an unknown wallet.
The movement of Dogecoin from Robinhood is seen as a bullish event by analysts, as it signifies an outflow, a removal from supply, from a centralized exchange. Analysts interpret the removal of cryptocurrency from an exchange as an indication that the wallet owner or owners maintain a long-term bullish outlook, likely holding the assets in a secure wallet rather than actively trading, and anticipate the asset appreciating over time.
As evidenced below in the Dogecoin price chart, we can see DOGE has soared a whopping 146.84% in the last 3 months.
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