The Flippening: Dogecoin Flips XRP, Much Wow
The Crypto markets are heating up and while Bitcoin has continued to hit new all highs and is now above $80,000, altcoins are having a moment too. One of the biggest early movers is DOGE. Over the past week, DOGE has sky...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The Crypto markets are heating up and while Bitcoin has continued to hit new all highs and is now above $80,000, altcoins are having a moment too. One of the biggest early movers is DOGE. Over the past week, DOGE has skyrocketed 89%, pushing its value to levels last seen in November 2021.
DOGE is going parabolic, source: Trading View
The token hit 27 cents, surpassing its April high of 22 cents, and now boasts a market capitalization of over $40 billion, overtaking XRP’s $37.3 billion. Yes, that’s correct, DOGE has flipped XRP.
DOGE has flipped XRP on the Coinmarketcap Table, source: CMC
The rally comes amid heightened trading activity and speculation tied to Musk’s discussions about forming a “Department of Government Efficiency” (D.O.G.E) under a potential Trump administration. The prospect of DOGE becoming part of the political lexicon has captured traders’ imaginations, pushing the token into the spotlight.
As Tommy Moustache wrote on X, “D.O.G.E. Would be a bigger narrative than AI and other sectors now that President Trump won. Every major news network will be covering D.O.G.E. Elon might meme $DOGE to $1 this cycle. Now that Trump has won and more celebrities might start joining the D.O.G.E. Team with Elon and tweeting about it, this movement might snowball into a new national movement that is constantly covered and written about my major news network. You need to front run those Bitcoin whales with their thousands of Bitcoin rotating to $DOGE once Bitcoin dominance hits 62% to 65%. $DOGE to $1 is programmed this cycle.”
Source: X
Musk, who has been vocal about streamlining government processes, might lead a “government efficiency commission” should Trump secure another term. This political twist has further fueled DOGE’s ascent, with open interest in dogecoin futures nearing record levels. Futures activity has surged 33% in just a week, now representing over 8.33 billion DOGE, or about $1.8 billion at current prices.
The attention that DOGE brings to the crypto markets is positive, and could be an early sign of retail returning to the markets as Google search trends show.
Source: Google Trends
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Brave New CoinRelated market context
Stablecoin Payments Reach $482 Billion As Token Supply Barely Grows
A new payments dataset offers a useful correction to the idea that stablecoin growth must be measured by how many tokens are in ci...
Ondo and Superstate lead weekly growth in tokenized US T-bill market
The rise of tokenized T-bills highlights growing blockchain integration in finance, yet limited DeFi use suggests untapped potenti...
BNB Chain’s tokenized stock market cap grows by $239.3M in a week
BNB Chain's growth highlights the rapid expansion and potential concentration risks in the tokenized stock market, signaling broad...
Strategy Raises Its Preferred Buyback Cap to $3 Billion After Another $193 Million STRC Week
Strategy’s board approved a $1 billion increase to the company’s preferred stock buyback program, bringing the total it can spend...
BlackRock Tokenization Push Gathers Pace as Wall Street Races to Tokenize Assets
BlackRock BUIDL tokenization on a tokenized money-market fund has grown to about US$2.3 billion since its 2024 launch, while the a...
Binance Lets All Users Run AI-Built Trading Strategies Following Successful Beta
Binance made its AI Pro strategy agent available to all users on Monday, adding a free tier to a product that had been open only a...