- Dogecoin has flipped Ripple to become the 6th largest cryptocurrency by market cap.
- Discover how this key milestone could propel DOGE towards the $1 mark.
Firmly holding the top spot on the daily gainer list with an impressive 23% jump, Dogecoin [DOGE] has hit several milestones in this bull cycle. Recently, DOGE flipped Ripple [XRP] to become the 6th largest cryptocurrency by market cap.
Amid post-election hype that has seen capital flow from Bitcoin into alternative assets, DOGE has reaped the most benefits with an over 80% weekly surge, standing strong against its rivals.
Additionally, high-profile endorsements from a figure entering the political arena have further fueled DOGE’s momentum. But the question remains: Are these factors enough to spark a parabolic run and push DOGE above $1?
If THIS pattern unfolds, Dogecoin could soon hit $1
Historically, DOGE has thrived after each election cycle, with parabolic runs typically materializing about a year later. If this pattern holds, Dogecoin could be poised to hit the $1 benchmark by the first quarter of next year.
Source : X
This trend is part of a common trading practice where cheaper alternatives like Dogecoin, currently priced at $0.2882, attract more investment compared to higher-stakes assets like Bitcoin, offering a more accessible opportunity for investors.
Typically, this shift occurs as the election buzz fades and economic pressures like high interest rates, inflation, and unemployment resurface, prompting investors to move away from Bitcoin. In this climate, many diversify their portfolios into alternative coins, and DOGE has successfully capitalized on this shift.
Therefore, it wouldn’t be overly optimistic to expect a repeat of this pattern, where economic uncertainty or a weaker dollar could once again set DOGE up for a bull run next year.
Ripple’s defeat shows DOGE is more than just a memecoin
Interestingly, a recent report highlighted a bullish outlook for Ripple, with on-chain metrics pointing to strong upward potential, as evidenced by its 14% weekly surge.
However, despite this bullish trend, XRP still lagged behind DOGE, which successfully flipped Ripple to claim the 6th spot in market capitalization.
This shift underscores Dogecoin’s growing influence, even in the face of Ripple’s potential for growth, positioning DOGE as more than just a memecoin, but as a steadily emerging, credible asset class.
This is a key development for the Dogecoin community. As its image evolves from a highly-volatile token to one with real-use cases, it significantly increases its potential to hit the $1 mark next.
Whales are reinforcing this trend
In the last three months, whales have significantly accumulated Dogecoin, with holdings nearing the one-billion mark, largely driven by the election hype.
Source : IntoTheBlock
For DOGE to reach the $1 mark, it’s vital for HODLers to stay confident in its long-term potential. The factors highlighted could be enough to prevent stakeholders from offloading their holdings, allowing Dogecoin’s true value to shine through.
Is your portfolio green? Check out the Dogecoin Profit Calculator
Overall, based on historical patterns, DOGE has a strong chance of reaching $1 before the end of Q1 next year.
In fact, Dogecoin flipping Ripple could mark a pivotal moment in its journey, clearing key resistance levels and boosting its potential to reach new all-time highs.
