If most Dogecoin holders are to be believed, the currency will overtake XRP in market cap soon. Although the excitement is understandable, there are a few reasons why this idea isn’t entirely ludicrous. An exciting month lies ahead for DOGE and its community, as well as other cryptocurrency enthusiasts.
Revolut Makes A Bold Decision
Similar to other investment applications providing exposure to cryptocurrencies, Revolut currently doesn’t let users withdraw their funds. Instead, traders can only seek exposure to Bitcoin and other currencies rather than owning the asset itself. That situation will come to change, as Revlut’s team confirms they will allow for Bitcoin withdrawals soon. An essential first step to giving users more control over their investments.
While Revolut does not provide any exposure to Dogecoin today, the precedent created by this company can affect the DOGE community. When big players start allowing for crypto withdrawals, the likes of Robinhood and Paypal will have to follow suit. Many people seek out DOGE via Robinhood; thus, some changes may be on the horizon there over the next few weeks.
eToro Support For Dogecoin is Coming
Perhaps the biggest bit of news is how eToro plans to expose its millions of users to Dogecoin soon. Expanding the number of supported cryptocurrencies is an essential aspect for any company in the financial sector today. eToro acknowledges there is a genuine demand for alternative assets, including Dogecoin. As such, it makes for a logical addition to the platform.
It is currently unclear whether eToro will allow for deposits and/or withdrawals of DOGE. The company has barely released details on the initial listing announcement, keeping certain aspects in the dark. Even so, the addition of Dogecoin is good news for those who buy this currency as a speculative asset first and foremost. More exposure means more market activity and possibly higher prices.
The Elon Musk Dogecoin Factor
Whether one wants to acknowledge or deny it, the influence of Elon Musk remains tangible. As a supporter of Dogecoin, Musk intends to give Dogecoin a spotlight during this week’s Saturday Night Live episode. What will be said exactly remains a mystery, for now, the announcement itself has many people excited for the future DOGE price already.
It is not the first time Elon musk directly influences the DOGE price either. Every time he hints on Twitter about anything related to “dogs”, people will lose their mind. It is an exciting scheme, although no one knows what the outcome will be. Speculation is a powerful concept, but also one where not everyone can win at the end.
Based on the details above, there is no reason for Dogecoin not to overtake XRP in market cap. Whether that will happen this week or further down the line is impossible to predict. A lot of market momentum is brewing, and it seems to favor the meme currency of the internet. XRP, on the other hand, is decreasing value rapidly, even though there’s no real reason for a pullback at this time.
As things stand, the market cap of DOGE is $5.7 billion lower compared to XRP. Not an insurmountable amount, although it will not come easy either. If Dogecoin can gain another $0.044 per DOGE in circulation today, it will hit parity with XRP’s valuation. Adding under 10% in value to DOGE seems like an easy feat – given the recent trend- but in reality, these markets work very differently.
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