The popular meme cryptocurrency, Dogecoin (CRYPTO: DOGE), is on the brink of surpassing Ripple-affiliated XRP (CRYPTO: XRP) in terms of market value, following a recent surge in price.
What Happened: Dogecoin’s price soared by over 10%, reaching a peak of $0.1975. The cryptocurrency is currently priced at $0.1995, according to the data from Benzinga Pro, making it the best-performing cryptocurrency among the top 20, outdoing its main rival, Shiba Inu (SHIB).
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With this price hike, Dogecoin is now approaching XRP, which has only seen a modest 0.9% increase over the past 24 hours. According to CoinMarketCap data, the two cryptocurrencies are currently valued at $32.8 billion and $28 billion, respectively.
Dogecoin needs to increase its market value by approximately 17.14% to surpass XRP in terms of market value.
In the last 24 hours, over $3.86 million worth of Dogecoin shorts have been liquidated, accounting for the majority of liquidated positions ($6.42 million), according to the data from CoinGlass. Dogecoin also generated $2.44 billion in 24-hour trading volume, according to the data from CoinMarketCap, making it one of the most traded cryptocurrencies.
See Also: Is Shibu Inu Set To Skyrocket? Social Buzz And Token Burns Fuel Speculation
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Despite this bullish trend, recent data from IntoTheBlock indicates that Dogecoin’s positive trend may be fragile, with mostly negative on-chain signals currently being observed.
Why It Matters: Dogecoin’s resurgence follows a period of downturns in the broader crypto sphere. The meme coin has seen a surge in investor interest and price increases.
Dogecoin has been rallying strongly as sentiment toward cryptocurrencies improved. This rally is seen as a new bull market for Dogecoin, with other meme coins like Dogwifhat also moving higher.
Meanwhile, the Bitcoin-Ether ratio, a significant indicator in the cryptocurrency market, is suggesting a potential warning for the ongoing crypto rally.
Read Next: Crypto Lending 101: Making The Most Of Your Idle Digital Assets
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