Price: $0.38586 3.3525%
Market Cap: 56.68B 1.7469%
Volume (24h): 8.2B 0.4%
Dominance: 1.7469%
Price: $0.38586 3.3525%
Market Cap: 56.68B 1.7469%
Volume (24h): 8.2B 0.4%
Dominance: 1.7469% 1.7469%
  • Price: $0.38586 3.3525%
  • Market Cap: 56.68B 1.7469%
  • Volume (24h): 8.2B 0.4%
  • Dominance: 1.7469% 1.7469%
  • Price: $0.38586 3.3525%
Home > Information news > Is It More Logical to Invest in Dogecoin (DOGE) or Ripple (XRP)?

Is It More Logical to Invest in Dogecoin (DOGE) or Ripple (XRP)?

Release: 2023/10/27 04:15 Reading: 530

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/653ab4d6790a4b3a02429bd9

Dogecoin (DOGE), one of the top 10 cryptocurrencies in terms of market capitalization, has attracted all attention as one of the best performers of the day. At the time of writing, each DOGE is trading at $0.07368 and has a market value exceeding $10.43 billion.

Price Target in Dogecoin

Discussions continue about Dogecoin, the meme coin with the largest market capitalization in the cryptocurrency universe. Traders and investors continue to comment on whether Dogecoin can reach the anticipated historical level of $1 with a strong price movement.

For such a price to occur, Dogecoin needs to achieve a 1,257% increase from its current level. In addition, considering the circulating supply for Dogecoin to reach $1, it needs to have a market capitalization of $141.57 billion.

If this situation happens, its market value will make DOGE the third largest cryptocurrency after Ethereum (ETH) with a market value of $218.61 billion and Bitcoin (BTC) with a market value of $668.84 billion.

In addition, it should be noted that Dogecoin has one of the highest supply inflations among the top 10 cryptocurrencies. This situation can directly affect the possibility of reaching higher prices even if the demand for DOGE increases over time.

Dogecoin had approached the $1 level in the past. On May 8, 2021, Dogecoin reached a market value of $88.80 billion and reached its all-time high price of $0.73. If the highest circulation occurs in DOGE, there may be a decrease of more than 15% in its price and it can trade at $0.62 with the current circulating supply.

Dogecoin Price Analysis

Speaking of the price performance of DOGE on October 26, it rose to $0.06632 with a 10.58% price increase at the time of writing and is trading at this price.

Although reaching the $1 price level in Dogecoin is not impossible, it will also require an unprecedented demand to overcome the future increase in supply. For this to happen, Elon Musk and perhaps other celebrities need to provide clear support, similar to what happened in the past.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research when making trades.
Continue Reading: https://en.coin-turk.com/is-it-more-logical-to-invest-in-dogecoin-doge-or-ripple-xrp/

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.