Price: $0.38642 0.721%
Market Cap: 56.76B 1.7386%
Volume (24h): 8.06B 0.4%
Dominance: 1.7386%
Price: $0.38642 0.721%
Market Cap: 56.76B 1.7386%
Volume (24h): 8.06B 0.4%
Dominance: 1.7386% 1.7386%
  • Price: $0.38642 0.721%
  • Market Cap: 56.76B 1.7386%
  • Volume (24h): 8.06B 0.4%
  • Dominance: 1.7386% 1.7386%
  • Price: $0.38642 0.721%
Home > Information news > Experts Predict Dogecoin Will Surpass Ripple’s Market Value

Experts Predict Dogecoin Will Surpass Ripple’s Market Value

Release: 2024/05/19 02:44 Reading: 240

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/6648eedbcb380475a584ec28

You can also read this news on COINTURK NEWS: Experts Predict Dogecoin Will Surpass Ripple’s Market Value

Dogecoin (DOGE) currently has a market value of $19.8 billion and is trading at $0.145, while Ripple’s XRP is trading at $0.5 with a market value of $27 billion. A legal expert suggested that the case between the U.S. Securities and Exchange Commission (SEC) and Ripple could be resolved by summer, potentially increasing XRP’s market value. However, some experts expect Dogecoin to surpass XRP’s market value this year, listing seven reasons for this. Here’s how experts believe the biggest memecoin will outvalue the popular altcoin.

Elon Musk’s Influence

Elon Musk‘s endorsement and support of Dogecoin have significantly increased the memecoin‘s credibility and visibility. Musk’s public support historically led to significant price increases for DOGE, which traded at $0.003 in April 2019 and rose by 4,600% in five years.

In contrast, Ripple’s XRP lacks a high-profile figure like Musk to elevate its profile.

Large Investor Inflows

On May 4, Dogecoin saw a massive 582% increase in large investor inflows within 24 hours. This surge contrasts with XRP, which saw significant whale movements to exchanges, indicating potential bearish trends.

Such inflows for Dogecoin indicate strong market confidence and potential price increases.

Tesla Starts Accepting DOGE for Payments

Tesla’s decision to accept DOGE for car purchases marked a significant milestone, causing a 21% price increase for DOGE. Adoption by a major company highlights the memecoin’s growing utility and market acceptance.

On the other hand, Ripple’s XRP may take time to form influential partnerships, especially with foreign banks and governments.

The Power of Memes

Dogecoin’s strong meme culture continues to boost its popularity, especially among tech-savvy investors. Memecoins led by Dogecoin have achieved significant gains. In contrast, XRP’s more traditional financial image lacks the same cultural appeal, potentially hindering short-term market momentum.

Strong Community and Ecosystem

Dogecoin’s ecosystem, supported by other successful memecoins like Shiba Inu (SHIB) and Floki (FLOKI), demonstrates strong community support and collaboration. The creation of the MarketVector Meme Coin Index, which includes Dogecoin, underscores its importance in the memecoin sector.

While XRP has a relatively strong community, it lacks the robust support seen with Dogecoin.

Stability from Proof of Work Consensus Mechanism

Dogecoin’s Proof of Work (PoW) consensus mechanism provides stability by preventing inflation and attracting investors who value mining-based security. PoW’s integration with energy industries also appeals to those seeking alternatives to traditional financial systems. This aspect of Dogecoin’s network supports its long-term value retention. XRP lacks such a consensus mechanism.

Potential Fed Rate Cut

A potential rate cut by the Fed this year could positively impact risky assets like Dogecoin. Such economic developments typically raise asset prices, and significant spending by Washington could increase demand for inflation-resistant assets like Dogecoin.

The post first appeared on COINTURK NEWS: Experts Predict Dogecoin Will Surpass Ripple’s Market Value

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.