After XRP, Dogecoin passed USDC to become the 6th-largest Crypto by market cap

Dogecoin (DOGE) is on a roll. The OG meme coin broke the $0.25 mark on November 10, 2024, for the first time in three years, and then gained another 25% in the last 24 hours to reach $0.28. Meanwhile, the market cap is at a three-year high and is currently hovering around $42 billion.

As a result, Dogecoin has overtaken XRP and USDC stablecoin to become the sixth largest crypto asset by market value.

Bold predictions for Dogecoin

Experts suggest the token could be key to accelerated discoveries. Dogecoin has experienced a “golden cross” on its weekly chart, a technical high last seen in Q4 2020 before a major price rally, according to crypto analyst Mikubul Crypto.

With the current golden cross, the analyst suggests that the asset may once again be set for a significant upward trend. Based on Fibonacci extension levels, price targets between $2 and $4 seem likely to be achieved in this cycle, creating optimism for a repeat of the historic uptrend.

Based on historical price patterns, Ali Martinez, another prominent crypto analyst, said that Dogecoin's potential highs could be aligned between the Fibonacci retracement levels of 1.618 and 2.272. If this analysis holds, meme coin will place its highs in the range of $3.95 to $23.26 – a significant increase from the current price level.

#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential high could lie between the 1.618 and 2.272 levels, which translates to 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?

The increase comes as Elon Musk, the CEO of Tesla and SpaceX, is now endorsing President-elect Donald Trump and joining him on the campaign trail. Musk hinted at a possible role as head of the proposed Department of Government Efficiency (DOGE). This was enough to spark the ridiculous speculation that Musk could bring Dogecoin to the Treasury.

Following Trump's victory and his promise to support the crypto industry, several dog-themed assets rose in value last week. This includes Shiba Inu (SHIB), which has risen in market capitalization to become one of the largest cryptocurrencies, surpassing Tron (TRX) and Toncoin (TON) on the way.