Market capitalization rankings on cryptocurrency platforms like CoinMarketCap

Dogecoin Hits $0.24, Surges 14% in 24 Hours, Outpaces XRP

Nov 10, 2024, 12:13 PM

Dogecoin (DOGE) has surged in value, reaching a new 52-week high of $0.24, marking its highest price in three years. This surge has been driven by bullish sentiment around the meme's endorsement by Elon Musk, with the cryptocurrency flipping XRP in market capitalization. The market cap of Dogecoin now stands at $34 billion, positioning it close to USDC's $37 billion. The price increase is attributed to rumors of Elon Musk's potential political role, with mentions of a 'D.O.G.E.' commission. Dogecoin's weekly price chart shows similarities to the late 2020 set-up, which led to a 1,500% price rise. Analysts and traders are predicting further increases, with targets ranging from $23 to $44. The cryptocurrency has risen 14% in the past 24 hours, extending 7-day gains to 55%, and has now taken the number 7 spot in market cap, surpassing XRP.