Surprise Altcoin Overtakes XRP on World’s Biggest Cryptocurrencies List After Recent Surge
Following the recent cryptocurrency rally in the market, XRP has fallen one step back in the list ranked by market value.
Dogecoin (DOGE) has surpassed XRP in market cap, driven by bullish sentiment around Elon Musk’s potential involvement in the Trump administration. DOGE’s price has increased by 14% in the last 24 hours, bringing its weekly gain to 55%.
DOGE’s market cap has surpassed $35 billion, surpassing XRP’s $33.3 billion, after reaching $0.23, a price not seen since November 2021. If this momentum continues, DOGE could overtake stablecoin USDC, which currently has a market cap of $37 billion, as early as Tuesday.
DOGE’s remarkable rise over the past month has largely been attributed to speculation about Musk’s idea of creating a “Department of Government Efficiency” (DOGE) in a potential Trump administration, which he claims would focus on making government spending more efficient. This prospect has drawn significant interest in DOGE, with investors expecting a surge that could further raise DOGE’s profile in mainstream media and retail traders.
Adding fuel to the current excitement, former President Donald Trump announced his support for Musk to lead a “government efficiency commission” if he wins a second term, according to pre-election reporting by the BBC.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Of course, a lot has happened since the 600+ survey respondents shared their thoughts between Aug. 15 and Oct. 1