The ongoing excitement regarding Dogecoin has led SpaceX founder Elon Musk and the market to anxiously await the possibility of DOGE’s ascension into the top 7 cryptocurrencies. Although the asset has been dropping in value over the last day, there is potential for its market cap to surge soon.
In a post to X (formerly Twitter), the platform’s CEO has recently commented about DOGE. Specifically, Musks started the week by releasing a meme targeting the mainstream media’s relationship with the Meme coin. It referenced Dogecoin’s status in the top 10, with the community pondering its potential to move even higher.
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Elon Musk and the Market May Lead DOGE Past XRP and TON
Since its inception and launch in 2013, Dogecoin has remained a catalyst in the digital asset market. Birthing the meme coin subsect, it has enjoyed a massive community of supporters. Subsequently, that group has not ceased in its championing of the asset as it competes with cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
That passion and support have led the original meme coin to be situated as the 9th largest digital asset by market cap. However, there could be room for Dogecoin to go even higher, as Elon Musk and the market anticipate DOGE’s potential move into the top 7.
The asset has not had the best month, with it down more than 4% over that time according to CoinMarketCap. However, it is still performing better than a host of the market that is down exponentially in that time.
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Moreover, it could be set to face an impressive surge in value from the impending Bitcoin Halving Event that should have a massive impact on the market as a whole. Currently, for the asset to enter the top 7, it would need to pass Ripple (XRP) and Toncoin (TON).
Ripple has faced some concerns regarding its ability to maintain the seventh spot. Furthermore, TON has recently surpassed Dogecoin due to its momentum. Specifically, its Telegram integration has greatly increased its value over the last month.
However, Dogecoin’s $21 billion market cap is not far off from Ripple and Toncoin’s $21.2 billion and $26.5 billion market cap respectively. If the hype continues from people like Musk, it could very well eclipse the two assets. Such a jump would then make DOGE the fifth-largest non-stablecoin asset on the planet.