Dogecoin (DOGE) has defied expectations, emerging as a major winner in the recent crypto market rebound. After suffering a significant decline during the market downturn, DOGE has surged an impressive 41% over the past week. This meteoric rise has propelled it past Cardano (ADA) in market capitalization, with its sights now set on XRP.
Major Shift From Loser to Leader
Dogecoin took a heavy hit during the crypto winter, plummeting over 40% from its 2024 peak. However, the tides have turned dramatically. On March 20th, DOGE rallied a staggering 18.56%, reclaiming the $0.15 price point. This upswing has continued relentlessly, with DOGE recording six wins in the last eight days. Notably, it has even surpassed its previous yearly high of $0.2067.
This resurgence can be attributed to a renewed surge in interest. DOGE’s 24-hour trading volume has skyrocketed to a staggering $6.4 billion, reflecting a significant 97% increase. The DOGE/USDT trading pair now boasts the fourth-largest volume on Binance, reaching a daily volume of $1.32 billion.
Surpassing Expectations
Dogecoin’s recovery has been remarkably smooth, encountering minimal resistance. It has surged a staggering 83% since its March 20th low, reaching a new yearly peak of $0.2251. This impressive run has propelled DOGE’s market capitalization to a new high of $30.97 billion, surpassing Cardano’s current valuation of $23 billion. Interestingly, Cardano founder Charles Hoskinson previously suggested that DOGE overtaking Cardano would signal the beginning of a new altcoin season.
Also Read: Breaking Records: Dogecoin’s Daily Transactions Eclipse Bitcoin with the Help of DRC-20 Tokens
The Road Ahead
With its dominance over Cardano secured, Dogecoin now sets its sights on the coveted sixth position in the market cap rankings, currently held by XRP. However, this ambitious goal requires surpassing two major hurdles: USDC (USD Coin) and XRP itself. USDC currently boasts a market cap of $32.2 billion, meaning DOGE needs to add $1.23 billion to its valuation. Toppling XRP presents an even steeper challenge, as its market cap sits at $34 billion, requiring DOGE to add a further $3 billion.
Reaching these lofty targets will necessitate overcoming significant resistance. To breach the $34 billion mark, DOGE’s price would need to climb to $0.2366 – a level last seen during the 2021 bull run.
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