7 Reasons Why Dogecoin (DOGE) Could Overturn Ripple’s XRP in 2024

Dogecoin's total market capitalization at the time of writing is $19.8 billion, with the hash-powered meme currency trading at $0.145.

Meanwhile, Ripple's XRP price moved the markets by $0.5 per token, and the market cap stands at $27 billion, according to data from CoinMarketCap.

According to a legal expert, Ripple's lawsuit with the US SEC could be completed as soon as this summer. That marks the end of the ongoing headwind for XRP and the growth of the asset.

But here are seven reasons why Dogecoin could topple Ripple's market cap by a green candle or two later this year.

1. Elon Musk

The circle will be completepic.twitter.com/QkT7K9QBJF

— Elon Musk (@elonmusk) March 25, 2024

Dogecoin has Elon Musk. That's a lot of honesty and publicity. Ripple needs a champion with similar cache to get ahead of DOGE.

The closest so far is Gary Gensler. More importantly, the SEC chairman's strong opposition to XRP signals to investors that it could be very disruptive to global finance and generate huge returns for the money invested.

DOGE In April 2019, the head of Tesla and SpaceX tweeted, “Dogecoin is probably my favorite cryptocurrency. It's great.” That's a +4,600% return for the OG meme coin over a five year period for an average annual return on investment of +920%.

2. Dogecoin entered the largest holders up 582%

Dogecoin's large holdings surged 582% in 24 hours on May 4, in a very heavy move for the asset. At the same time, Ripple whales move their XRP tokens to exchanges on a bearish signal.

Popular Dogecoin YouTube channel Crypto Daily Trade Signals, “Data from IntoTheBlock shows a massive increase in the flow of large holders from 129.63 million DOGE to an impressive 754.75 million DOGE, nearly $116.98 million.

🚨 28,240,000 #XRP ($14,948,393) transferred from unknown wallet to #Bitstamp

— Whale Alert (@whale_alert) May 5, 2024

Meanwhile, XRP saw massive whale-sized moves to exchanges in May. On day 5, there was a transaction that pushed 28,240,000 XRP (worth $14,948,393 USD at the time) to Bitstamp for Ripple's token.

Then, on May 12, another 30,230,000 worth of Ripple was moved from an unknown wallet to Bitstamp, according to data from Whale Alert.

3. Tesla adds Dogecoin for payments

Tesla, Inc. He has adopted Doge for years – beanie caps and T-shirts for the company. This month, for the first time, the electric car maker started accepting DOGE payments for new cars and trucks. So rad. Dogecoin has increased by 21% since its introduction.

Musk said in March that he thought Tesla should add support for Dogecoin payments.

XRP has some pretty wow partnerships, and continues to bring more corporate brands into the fold. But many of these are large foreign banks and governments. Compared to the rapid growth of network effects in the doge economy, they take many years to see fruition. Other companies accepting Doge include Microsoft, AMC, Twitch, and Newegg.

4. A lot of meme power

Simply put, doge memes hold enormous power on the internet, especially in the nerdy tech quarter with deep pockets to drive markets.

Although decentralized, Ripple is more like a TradFi bank than Doge, and probably doesn't need a furry mascot to boost its popularity in the near future. Maybe that's not the case. But to the crypto bros, it does.

The top earners of 2023 were mostly meme coins. Q1 2024's crypto leader was also a meme coin – Popcat.

5. Very teamwork, such a clot

VanEck's @MarketVector Launches $MEMECOIN Index, Top 6 Assets, 30% Cap. It warns potential customers: “These coins are intended for entertainment purposes only” pic.twitter.com/ihjhfCNIR4

— Matthew Sigel, CFA in Recovery (@matthew_sigel) May 8, 2024

Dogecoin peers are unstoppable!

The meme power of the currency has translated into real economic problems with lots of zeroes and commas. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum / Binance Floki Inu (FLOKI) altcoin investors have experienced world-class growth in the past 12 months.

New York City ETF fund manager Van Eyck launched the MarketVector Meme Coin Index this month. Five of the six currencies on the index are doge mems.

6. Verification of work force

Although at times like last week, when meme coins suffered losses among cryptos (after the gains recorded in the previous week), the price of doge has the potential to stay with crypto mining/proof of work investors.

Dogecoin December 2013 The original fork of the Bitcoin blockchain was launched in January 2009. It works in the same way as the BTC network and investors because the electricity demand to participate prevents price inflation and holds purchasing power.

Environmentalists tired of central bank money are also leaning towards PoW chains. Proof of Work leverages the digital economy for the petroleum/alternative energy industry. It is the world's greatest boon with cheap sources of electricity.

The future of toilet paper pic.twitter.com/I5THg684tz

– Arsen | Bitcoin Therapy 📧 (@satoshibaggins) May 9, 2024

7. The Fed will cut rates later this year

The Fed is likely to hold rates in June, but the Bank of England is likely to start the race for debt relief next month.

Many economists, analysts and analysts expect a Fed rate cut sometime later this year, especially if consumer inflation continues to rise through April and May.

In any case, after $1.2 trillion in spending in March to fund the U.S. government for another six months, Washington is scrambling to spend $2.4 trillion a year. When that happens, inflation usually increases and greatly exacerbates the crypto markets' need for inflation shelters like Bitcoin and Dogecoin.

Bottom line for investors

Digital assets are prone to losses, and there is no way to guarantee how markets will perform in the future. However, based on the above fundamentals, the price of Dogecoin may have a low price of $0.14 after falling from the peak of $0.22 in March.