- Dogecoin has overturned Ripple to become the sixth largest cryptocurrency by market capitalization.
- Find out how this major milestone could propel DOGE to the $1 mark.
Dogecoin is firmly in first place on the daily gainers list with an impressive 23% jump [DOGE] has reached several milestones in this bull cycle. Recently, DOGE turned Ripple around [XRP] to become the 6th largest cryptocurrency by market capitalization.
Amid the post-election hype that has seen capital flow from Bitcoin to alternative assets, DOGE has reaped the most benefits with a weekly increase of over 80%, putting it strong against its rivals.
Moreover, 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 trigger a parabolic run and push DOGE above $1?
If THIS pattern unfolds, Dogecoin could soon reach $1
Historically, DOGE has boomed after every election cycle, with parabolic runs typically occurring about a year later. If this pattern continues, Dogecoin could be poised to reach the $1 benchmark in the first quarter of next year.
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This trend is part of a common trading practice where cheaper alternatives like Dogecoin, currently priced at $0.2882, are attracting more investment compared to higher-stakes assets like Bitcoin, providing a more accessible opportunity for investors.
This shift typically occurs when election buzz fades and economic pressures such as high interest rates, inflation, and unemployment resurface, prompting investors to move away from Bitcoin. In this environment, many are diversifying their portfolios into alternative currencies, and DOGE has successfully capitalized on this shift.
Therefore, it would not be too optimistic to expect a repeat of this pattern, where economic uncertainty or a weaker dollar DOGE could trigger another bull run next year.
Ripple’s defeat shows that DOGE is more than just a memecoin
Interestingly enough, a recent one report highlighted a bullish outlook for Ripple, with on-chain metrics pointing to strong upside potential, as evidenced by its 14% weekly increase.
However, despite this bullish trend, XRP still lagged behind DOGE, which successfully overthrew Ripple and claimed the sixth spot in market capitalization.
This shift underlines Dogecoin’s growing influence even in light of Ripple’s growth potential, positioning DOGE as more than just a memecoin, but as a steadily emerging, credible asset class.
This is an important 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 reach the $1 mark next.
Whales reinforce this trend
Over the past three months, whales have amassed Dogecoin significantly, with assets approaching the billion mark, largely driven by election hype.
Source: IntoTheBlock
If DOGE is to reach the $1 mark, it is critical that HODLers remain confident in its long-term potential. The factors mentioned may be enough to prevent this stakeholders of forgiving their assets, bringing out the true value of Dogecoin.
Is your portfolio green? Check out the Dogecoin profit calculator
Overall, based on historical patterns, DOGE has a high chance of reaching $1 before the end of the first quarter of next year.
In fact, Dogecoin’s reversal of Ripple could mark a pivotal moment in its journey, clearing key resistance levels and boosting the potential to reach new all-time highs.
Credit : ambcrypto.com
