Dogecoin Price Pumps 30% as DOGE Overtakes XRP – Here Are All the Details

Dogecoin (DOGE) Surges, Overtaking XRP

Dogecoin (DOGE) has experienced a significant price hike of 30% over the past day, surpassing a critical resistance level. This surge has propelled DOGE ahead of XRP, making it the 7th-largest cryptocurrency by market capitalization.

According to industry sources, speculation tied to the U.S. election and rumors of Elon Musk's potential involvement in a new government role are driving the value increase. Meanwhile, XRP's position has weakened amidst these developments.

DOGE's Market Dynamics

• DOGE has soared 30% over the last 24 hours and surpassed $0.20.
• It now ranks as the 7th-largest cryptocurrency by market cap.
• Trading volume has reached $11.45 billion.

Election-Related Rumors

Traders are reportedly betting on DOGE due to rumors surrounding the potential establishment of a "Department of Government Efficiency" (DOGE) by President Trump if re-elected. Elon Musk, a prominent Doge supporter, is rumored to be a possible head of this department, focusing on reducing national debt.

Market Outlook

As the U.S. election remains ongoing, market uncertainty is fueling price fluctuations. Analysts are closely watching the outcome, which could have implications for both Dogecoin and the broader crypto market.

Additional Insights

• Bernstein analysts remain bullish on Bitcoin, predicting a six-figure target by 2025.
• While Dogecoin's surge is driven by speculation, Bitcoin's trajectory appears more grounded in market fundamentals.
• All eyes are on DOGE and BTC in the near term, as both are poised for potential movements.