Dogecoin (DOGE), the king of meme coins, could flip Tron (TRX) out of eighth place, according to the market capitalization ranking. The meme coin currently occupies ninth place with a market cap of $25.16 billion compared to Tron’s $25.47 billion.
Dogecoin gaining momentum despite price dip
CoinMarketCap data shows that Dogecoin is approximately $324 million away from flipping Tron. The meme coin has shown momentum lately and was able to flip Cardano, pushing it down to tenth place.
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However, as of press time, Dogecoin has declined in price value by a significant 2.55%. The meme coin has been exchanging hands at $0.1676 in the past 24 hours amid general market volatility. Trading volume has also plunged by 17.77% to $1.03 billion, suggesting a pullback by investors.
The meme coin, after falling below its 50-day and 200-day moving averages, is now forming a falling wedge. This pattern suggests bullish momentum on the horizon as it usually precedes a price breakout. If this happens, Dogecoin could gain in value and soar past Tron.
The current Tron setup also favors DOGE. Notably, Tron is witnessing bearish pressure, as its price has plummeted by 3.69% in the last 24 hours to $0.2690. This implies that Tron is less likely to widen the $324 million gap between it and Dogecoin, considering its bigger sell-off.
Could Bitcoin trigger flip for Dogecoin?
Dogecoin bulls and whales could support the meme coin to reverse its bearish outlook. If the ecosystem registers massive purchase activity from large DOGE holders, as recently occurred with a 41% surge in transaction volume, this could trigger a price gain.
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Other broader on-chain market developments that could catalyze Dogecoin’s price gains include an uptick in Bitcoin’s value. The leading digital currency is also witnessing volatility amid the general crypto market trend.
However, an uptick in Bitcoin’s price could fuel Dogecoin to rebound and soar past Tron.