Dogecoin Spikes 44%, Sets Eye to Overtake XRP

Dogecoin (DOGE) has spiked 44% over the past week, capitalizing on the recent market-wide rebound to surpass Cardano (ADA), with its eyes now set on XRP.

Dogecoin had witnessed one of the largest declines during the recent crypto market slump, dropping 40.6% from the previous yearly high of $0.2067 on March 5 to a low of $0.1226 on March 20. 

Interestingly, being one of the biggest losers in the previous market downturn, DOGE has now secured a spot among the biggest gainers amid the market recovery. Dogecoin secured a massive 18.56% intraday increase on March 20, essentially breaching multiple resistance points to reclaim $0.15.

Dogecoin Spikes 44% in 1 Week

Since then, the cryptocurrency has persistently witnessed a market uptrend, recording six winning sessions over the past eight days. Amid the upsurge, Dogecoin has clinched newer heights, breaching its previous yearly high of $0.2067. 

DOGE is now one of the few assets that have now surpassed its previous yearly peak. Its market run has come from an increase in interest, commanding $6.4 billion in 24-hour volume amid a 97% increase. The DOGE/USDT pair now commands the fourth largest volume on Binance, reaching $1.32 billion.

The asset has met minimal resistance on its recovery path, surging 83% from the $0.1226 low on March 20 to a new yearly peak of $0.2251 today. Dogecoin has now increased 44% over the past week, with its recent price rally allowing it to surpass Cardano’s market cap.

Due to the price increase, Dogecoin’s market valuation has breached the $30 billion mark, now sitting at $30.97 billion. Interestingly, Cardano’s market cap now sits at $23 billion, about $7 billion less than DOGE. 

Cardano founder Charles Hoskinson asserted that the start of the altcoin season would be marked by Dogecoin overtaking Cardano in market capitalization. At the time, Cardano boasted a market cap of $26.89 billion, while DOGE had a valuation of $25.51 billion.

DOGE Looks to Surpass XRP

Dogecoin has now added $5.46 billion to its market value since then, with ADA losing $3.89 billion amid a price decline. DOGE, which currently sits eighth on the list of largest assets by market cap, now has its eyes set on overtaking XRP’s sixth position.

However, the asset must first surpass USDC, which currently has a valuation of $32.2 billion. Dogecoin would need to add $1.23 billion to its market valuation to overtake USDC. In addition, DOGE’s market cap must increase by $3 billion to surpass XRP’s valuation of $34 billion.

Dogecoin is bound to face formidable resistance on the journey to surpass USDC and XRP. To breach the $34 billion market cap, Dogecoin’s price would need to surge to the $0.2366 price level. The last time DOGE saw this value was in November 2021, during the 2021 bull run.