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7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024

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7 Reasons Dogecoin DOGE Could Flip Ripples XRP in 2024

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Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.

Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.

The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.

But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.

1. Elon Musk

Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.

The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.

DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.

2. Dogecoin Large Holders Inflows Up 582%

Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.

Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”

Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.

Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.

3. Tesla Adds Dogecoin For Payments

Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.

Musk said back in March that he thought Tesla should add support for Dogecoin payments.

XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.

4. Much Meme Power

Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.

Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.

2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.

5. Very Teamwork, Such Clout

Dogecoin’s peers are unstoppable!

The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.

New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.

6. Proof of Work Power

Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.

Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.

Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.

7. Fed Rate Cuts Later This Year

The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.

Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.

Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.

Bottom Line for Investors

Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.

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