After XRP, Dogecoin Overtakes USDC to Become 6th Largest Crypto by Market Cap

Dogecoin (DOGE) is on the way. The OG meme coin crossed the $0.25 mark on November 10, 2024, for the first time in three years, then added another 25% in the last 24 hours to reach $0.28. Meanwhile, its market capitalization rose to a three-year high and currently stands near $42 billion.

As a result, Dogecoin overthrew XRP and the USDC stablecoin to become the sixth largest crypto asset by market capitalization.

Bold Predictions for Dogecoin

Experts suggest that the token can be primed for more accelerated gains. The crypto analyst under the pseudonym “Mikybull Crypto” said that Dogecoin has just experienced a “golden cross” on its weekly chart, a bullish technical signal that last appeared in the fourth quarter of 2020 before a massive rally of prices

With the current golden cross, the analyst suggests that the asset could be poised for a significant uptrend again. Based on the Fibonacci extension levels, price targets between $2 and $4 seem achievable in this cycle, raising optimism for a repeat of its historical growth trajectory.

Based on historical price patterns, another popular crypto analyst, Ali Martinez, said that Dogecoin’s potential peak could line up between the Fibonacci retracement levels of 1,618 and 2,272. If this analysis holds, it puts the possible top for the meme coin between $3.95 and $23.26, a massive jump from its current price levels.

#Dogecoin $DOGE is about to become parabolic! Based on historical patterns, a potential high could be between the 1,618 and 2,272 levels, making a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o

— Ali (@ali_charts) November 10, 2024

Meanwhile, another bold prediction suggests that Dogecoin could reach $30 by March 2025.

What’s Behind The Hype?

This increase can be attributed to Elon Musk, CEO of Tesla and SpaceX, who has shown his support for Donald Trump, now president-elect, and even joined him on the campaign trail. Musk hinted at a possible role as head of a proposed Department of Government Efficiency (DOGE). This was enough to spark humorous speculation that Musk might bring Dogecoin to the Treasury.

Following Trump’s victory and his promises to support the crypto industry, the prices of several dog-themed assets have surged in the past week. This includes Shiba Inu (SHIB), which climbed the market cap rankings to become one of the largest cryptocurrencies, surpassing Tron (TRX) and Toncoin (TON) along the way.

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