When the DOGE bulls buckled their seat belts and led the token bullish to new levels, XRP had to give way to the meme coin to drop to fifth position. At the time of writing this report, Dogecoin is valued at a market price of $ 0,62, posting a 95% increase in 7 days.
Dogecoin is still in the green zone, but just a while ago the market was much more heated. DOGE has grown by over 37% in the last 48 hours, bringing the weekly price increase to 147% - here you can find out the quotation in real time of the DOGE.
This makes Dogecoin one of the biggest tokens to gain ground in the past fourteen days. For the first time ever, the crypto asset hit $ 0,69, before dropping slightly to $ 0,67. DOGE's market capitalization reached $ 87 billion, making it larger than FedEx and many other traditional equities.
DOGE overtakes XRP and that's a big deal
Dogecoin outperforming XRP is alarming enough for analysts, whose sentiments are equally mixed. The meme coin was one of the best performers this year. With this speed, DOGE could easily hit $ 1 this year; a price the community had been expecting from last year.
For some Bitcoiners, the fact that DOGE overthrows XRP is a sign that the altcoin season has reached its peak and that Bitcoin may be making a comeback.
Meanwhile, Binance's CEO has been quite optimistic about DOGE. He recently took to Twitter to say he underestimated meme currency.
But who is really driving this growth?
Edward Moya, senior market analyst at Oanda, suspects institutional players need to be partially credited for asset growth.
"The Dogecoin bubble should have burst by now, but institutional interest is trying to harness this momentum and this could support another push up," Edward noted.
As we predicted in our latest report, Moya believes the asset is likely to jump, following the price trend on Elon Musk's SNL and market participants are hoping to take advantage of this price pump.
"Dogecoin is on the rise because many cryptocurrency traders don't want to miss any buzz from Elon Musk hosting Saturday Night Live." He added.
Meanwhile, Musk returned to talk about the DOGE in an interview lasting just a couple of minutes that appeared online on the TMZ channel. Answering a question about meme currency, Musk first said you shouldn't invest your savings in cryptocurrencies. But then, he added: “What do you want [from the DUKE]”? And the interviewer replied that he would like it to become the coin of the Earth and then Musk let himself go with a smile and replied with his Tweet “To the moon”. In short, will DOGE burst in a bubble or will it reach $ 1? We'll probably find out next week.