Key Takeaways
- For years, Ripple has remained one of the top 5 cryptocurrencies by market capitalization.
- However, after it was flipped by Solana, XRP’s days at the top could be numbered.
- Following a strong rally in March, Dogecoin could be the next token to overtake XRP.
Although XRP’s market cap was recently surpassed by Solana’s, Ripple’s token remains one of the top 5 non-stablecoin cryptocurrencies. – a position it has held for years.
However, a bullish Dogecoin streak in recent days has seen the world’s preeminent memecoin snapping at XRP’s heels. With just a 12% price rise separating DOGE from the top 5, is XRP’s time at the front of the field finally over?
XRP Falls off the Podium
After a strong summer and fall, in October 2023, XRP was neck and neck with BNB in the race to be crypto’s number 3 token.
But since then, not only has BNB staged a comeback, but Solana has also flipped XRP, knocking it back into 5th place.
Now, XRP’s price looking sluggish, a 12% price rise would be enough for Dogecoin to overtake it too.
Dogecoin’s Journey to the Top
While XRP has consistently been one of the most popular cryptocurrencies for years, Dogecoin’s journey has been a rollercoaster.
In characteristic memecoin fashion, a number of short sharp price spikes have propelled DOGE into the top 10 from time to time, but the cryptocurrency has also witnessed some equally drastic crashes in its time.
For its latest bullish sprint, since March 18, Dogecoin has nearly doubled from around $0.13 per token to above $0.2, although it has pulled back somewhat since its peak at the beginning of April.
In the process, the cryptocurrency has surpassed Avalanche and Cardano, and could now be coming for XRP too.
Memecoin Season
Of course, Dogecoin isn’t the only memecoin that has pumped in 2024.
Since the start of the year, a basket of the top six memecoins has significantly outperformed the general crypto market.
Among them, Solana-based BONK and WIF have clocked some of the most impressive gains. However, DOGE has still increased in value by around 150% since the beginning of March.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
