This Tuesday DOGE Surged to ~$0.42 but Immediately Corrected to ~$0.39B, Giving Up Its Recent 6th Largest Capitalization to XRP

On Tuesday, DOGE had strong momentum for 4 hours, rising sharply to ~$0.42 but also falling quickly to ~$0.39.

DOGE price experienced a brief surge to around $0.42 on Tuesday, before quickly correcting to about $0.39, giving up its recent position as the 6th largest cryptocurrency by market capitalization to XRP.

Over a 4-hour period on Tuesday, dogecoin had strong momentum, rising sharply to around $0.42 before also falling quickly to about $0.39. During this span, around $6 million in long positions were liquidated and about $5.6 million in short positions were liquidated, according to CoinGlass data.

And while on a broader perspective dogecoin continues to experience growth following bitcoin, fueled by Donald Trump’s victory and the Elon Musk connection, it has given up its place to XRP, which is once again outperforming it in terms of capitalization. More specifically, dogecoin has around $57.6 billion while XRP has once again taken 6th place with its $64.6 billion.

Having said that, dogecoin and XRP have a very vibrant momentum and contribute 30% and 20% of trading activity on South Korea’s leading exchanges, Upbit and Bithumb, overtaking bitcoin in that sense.

It is likely that the higher volatility of dogecoin and XRP will still be a permanent feature, which can be both a good opportunity but also requires extra caution from traders.

Also, dogecoin continues to experience the effects of Trump’s initiatives and Musk’s Department of Government Efficiency, which is likely to affect its price many more times in the near future.