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Dogecoin Soars Over 34% to $0.29 High, Market Cap Surpasses $42B, Overtakes XRP

Nov 10, 2024, 02:39 PM

Dogecoin, the meme-inspired cryptocurrency, surged over 34% on November 10, reaching a new 52-week high of $0.29. This significant price increase propelled Dogecoin's market capitalization to surpass $42 billion, overtaking XRP to become the fifth-largest cryptocurrency. The rally reflects a 55% gain over seven days and mirrors the late 2020 setup that led to a 1,500% price rise, according to market analysts. The bullish sentiment is partly attributed to renewed endorsements by technology entrepreneur Elon Musk, with speculation about his potential political role fueling investor interest. Additionally, substantial whale movements were observed, including a withdrawal of 200 million DOGE (approximately $45.7 million) and another transfer of 111 million DOGE ($30 million) from Robinhood to unknown wallets, intensifying market excitement. Furthermore, analyses indicate that Robinhood holds approximately 32.2 billion DOGE, accounting for about 22.44% of the total supply. The overall memecoin market capitalization has reached a three-year high of $75 billion, up 40% in the past four days, largely driven by Dogecoin's performance.