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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).
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
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
Image Via Shutterstock
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