The entire cryptocurrency market is in the green today, but some are doing better than others. Ripple’s native token, for example, has charted a noteworthy 10% daily surge and sits above $0.6.
However, it has lost its position as the 7th-largest cryptocurrency by market cap to Dogecoin, which has risen to another multi-year high.
The past 24 hours have only solidified the overall bullish trend that started after Donald Trump’s victory in the 2024 US presidential elections. Moreover, it has been mostly about the altcoins, such as ADA and DOGE, even though BTC managed to chart a fresh peak of its own earlier.
Dogecoin’s price surge has been particularly impressive. The meme coin has risen by 19% in the past day and broke above $0.24 for the first time since late 2021. In the past 30 days, DOGE’s price has skyrocketed by over 120%.
With its current market cap of almost $36 billion, Dogecoin has now become the 7th-largest cryptocurrency by surpassing XRP. This comes despite Ripple’s notable performance in the past day, which has pushed it to over $0.6 for the first time in weeks.
Numerous popular crypto analysts have speculated about an upcoming meme coin supercycle, which could propel even more impressive gains for the niche. SHIB, for instance, is another massive gainer today, surging by 25% and trading above $0.000024.
We are very close to being in the Last Chance to Add Zone in crypto. The next step should be the memes breaking out and after that there is nothing to do but wait to take lifestyle chips off the table.
Here is $DOGE leading the breakout… 1/ pic.twitter.com/rEztxyqTRr
— Raoul Pal (@RaoulGMI) November 10, 2024
XRP’s performance could be impacted most by a potential resolution in the ongoing legal case between Ripple and the SEC. Recall that Trump promised to fire SEC Chair Gary Gensler on day 1, which could lead to a faster conclusion.
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