Dogecoin (DOGE) Price Breaks 2021 Highs: Eyes To Hit $0.3 Amid Memecoin Season

Dogecoin, the meme-inspired digital currency, witnessed a 40% surge, achieving its highest value since 2021, trading at $0.22. This surge is fueled by speculation about its potential use on Elon Musk-owned platforms. 

Amidst this, the Dogecoin market cap soared to $31 billion, surpassing Cardano, and now aims to overtake XRP, who’s currently sitting at 6th position.

Doge Surpass Previous High

While, investors are closely watching Dogecoin’s surge, which has risen by over 10% in the past 24 hours alone. This surge is attributed to ongoing bullish market sentiment & the speculation regarding Dogecoin’s potential use as a payments-related integration at any Elon Musk-owned company, such as X or Tesla.

Recently, a member of the X team teased that “2024 will be the year of X Payments,” sparking anticipation within the crypto community that DOGE could potentially become a payment option on the platform. This excitement coincides with recent developments, as X has obtained licenses for money transmitter activities in several U.S. states over the past few weeks.”

Given Elon Musk’s self-love for Dogecoin, the possibility of integration into platforms like X for content monetization or donations appears increasingly plausible.

Doge Chasing XRP

Following its impressive price surge, Dogecoin now boasts a market cap of $31.07 billion, positioning it as the eighth-largest asset by market capitalization. The coin now has its sights set on surpassing XRP, which currently holds the sixth position with a market cap of $34 billion. 

However, Dogecoin must first overtake USDC, which currently holds a valuation of $32.2 billion. Meanwhile, to breach the XRP’s $34 billion market cap, Dogecoin’s price would need to surge to the $0.2366 price level.

Dogecoin Aim For $0.3

Meanwhile, the recent breakout in Dogecoin’s price has marked the end of its Macro Downtrend and entered a new Macro Uptrend phase.

According to well-known crypto analyst Rekt Capital, achieving a monthly close above $0.20 could pave the way for Dogecoin to reclaim the $0.3 price level.

With transaction volumes surging from 1.22 billion to 9.20 billion within 48 hours, Dogecoin’s popularity within the cryptocurrency sector is on the rise, fueling optimism among investors.