Cryptocurrency
7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024
Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.
Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.
The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.
But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.
1. Elon Musk
The circle will be complete
pic.twitter.com/QkT7K9QBJF— Elon Musk (@elonmusk) March 25, 2024
Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.
The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.
DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.
2. Dogecoin Large Holders Inflows Up 582%
Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.
Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”
🚨 28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx
— Whale Alert (@whale_alert) May 5, 2024
Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.
Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.
3. Tesla Adds Dogecoin For Payments
Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.
Musk said back in March that he thought Tesla should add support for Dogecoin payments.
XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.
4. Much Meme Power
Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.
Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.
2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.
5. Very Teamwork, Such Clout
VanEck’s @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap.
Warns potential customers: “These coins are intended for entertainment purposes” pic.twitter.com/ihjhfCNIR4— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024
Dogecoin’s peers are unstoppable!
The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.
New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.
6. Proof of Work Power
Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.
Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.
Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.
The future of toilet paper pic.twitter.com/I5THg684tz
— Arsen | Bitcoin Therapy 📧 (@satoshibaggins) May 9, 2024
7. Fed Rate Cuts Later This Year
The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.
Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.
Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.
Bottom Line for Investors
Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.
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Cryptocurrency
4 Months Later: Changpeng Zhao Released From Custody, BNB Climbs Above $600
Changpeng Zhao, the founder and former CEO of the world’s largest cryptocurrency exchange, has served his four-month prison sentence and has been released from custody as of Friday.
Although he has stepped down as the chief executive of Binance, he is still the largest stakeholder.
Recall the events that took place almost a year ago when the US Department of Justice announced a massive $4.3 billion settlement with the then-CZ-led exchange.
This came after years of investigations from different entities, and Binance, as well as its founder, pled guilty to willfully floundering the Bank Secrecy Act.
Zhao’s guild plea was for failing to implement a strong anti-money laundering (AML) program. He had to step down as the CEO of Binance and paid a $50 million penalty.
In late April, CZ was also slapped with a four-month prison sentence, which was a lot less than the requested three years. At the time, he said:
“I will do my time, conclude this phase, and focus on the next chapter of my life (education). I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important. A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU. Protect users!”
His sentence was supposed to end on September 29, but because it falls on a Sunday, he was released on the last working day before the weekend – Friday.
Binance’s native token performed well during this week when CZ was supposed to be released. It’s up by 6% on a seven-day scale and sits well above $600. According to some reports, Zhao still owns about 64% of BNB’s total supply.
CZ has said before that he already has ideas of what to do upon his release from prison. Called Giggle Academy, the project will aim to provide free education in a gamified and adaptive manner.
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Cryptocurrency
Shiba Inu’s (SHIB) Price Shot Up to 3-Month High, Bitcoin (BTC) Touched $66.5K (Weekend Watch)
Bitcoin reacted well to the Friday US inflation data and jumped above $66,500 for the first time in nearly two months, before retracing slightly.
Several altcoins have produced impressive gains over the past day as well, led by the meme coin realm.
BTC Touched $66.5K
The business week started on a high note for bitcoin, which had already gained some traction after the US Fed’s rate cut on September 18. The cryptocurrency stood at $63,000 during the weekend and jumped past $64,500 on Monday.
However, it failed to maintain its position at first, and even though it jumped to that level again, the bears took control on Thursday and pushed it south to $62,700 (on Bitstamp).
Nevertheless, the apparent bullish run couldn’t be contained, and the cryptocurrency reversed its trajectory once again. This culminated yesterday evening when the asset soared to $66,500 for the first time since August 1. This came after positive inflation news from the US.
Although it has lost some traction since then and now sits inches below $66,000, its market capitalization remained above $1.3 trillion on CG. Its dominance over the altcoins has also increased slightly to 53.8%.
SHIB, PEPE Jump Again
The week belongs to the meme coins, especially the past few days. Shiba Inu emerged as the top performer on a few occasions and has soared by another 6% in the past 24 hours. Moreover, the second-largest meme coin neared $0.000022 earlier today for the first time in over three months. SHIB is up by 42% on a weekly scale.
PEPE is another notable gainer, having surged by 6.5% since yesterday and 36% since last Saturday. Other reps of the meme coins niche with massive gains include WIF, BONK, and FLOKI.
Ripple and Toncoin are also in the green on a daily scale from the larger-cap alts, and so are BNB, ETH, DOGE, and TRX, albeit in a more modest fashion.
The cumulative market cap of all crypto assets has increased slightly since yesterday and is above $2.420 trillion now.
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Cryptocurrency
Is Ethereum’s Price About to Dump as These 2 Institutions Are Selling ETH Holdings?
On-chain data provided by Lookonchain asserted that two prominent institutions have sent millions worth of ETH to exchanges, which could suggest trouble for the second-largest cryptocurrency.
Currently, Ethereum trades close to $2,700 after gaining 5% within the past week.
2 institutions are selling $ETH!
A wallet related to #Cumberland deposited 11,800 $ETH($31.88M) into #Coinbase 7 hours ago.#ParaFiCapital withdrew 5,134 $ETH($13.83M) from #Lido and deposited it into #CoinbasePrime 6 hours ago.
Address:… pic.twitter.com/zuOe68IIuJ
— Lookonchain (@lookonchain) September 28, 2024
As the tweet above reads, the two institutions in question are Cumberland and ParaFiCapital. The former deposited 11,800 ETH (worth almost $32 million) to Coinbase, while the latter withdrew 5,134 ETH (nearly $14 million) from Lido and sent the funds to Coinbase Prime.
Both of those transfers toward the largest US-based exchange happened in the span of a few hours earlier today.
Recall that ETH’s price tumbled hard in early-August under similar circumstances. Back then, another prominent ETH investor, Jump Trading, reportedly sold approximately $500 million worth of the asset, whose price tumbled by double digits in days.
A week later, the company sold a more modest portion of 17,000 ETH (worth $46 million at the time), and Ethereum’s price slipped once again, this time by around 3-4%.
Consequently, the question arises whether the deposits by Cumberland and ParaFiCapital will lead to similar price corrections for ETH, even though they are a lot smaller than Jump Trading’s first.
ETH has been on a roll lately, alongside the broader market, having surged by 5% weekly and trading close to $2,700 for the first time since the aforementioned correction.
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