Popular meme coin Dogecoin (DOGE) and Ripple (XRP) are in an old-school rivalry. So, is DOGE or XRP a better bet for crypto investors? Analysts compare both cryptocurrencies for this.
“XRP and DOGE have significant price increase potential”
Both Dogecoin and XRP cryptocurrencies are very different from each other. cryptocoin.comAs the crypto market is slowly heading towards a bull trend, it becomes crucial to know which cryptocurrency is the better bet in January 2023.
There are currently over 20,000 cryptocurrencies and tokens. 20-40 new currencies are listed every day. But not every cryptocurrency promises a bright and green future. Both Dogecoin and XRP have the potential for significant price growth in the cryptocurrency market. So, which of the two will come to the fore is a question mark.
XRP is popularly known as the bankers’ cryptocurrency. Whereas Dogecoin is somewhat the opposite. Starting with a meme trend and reaching new heights, DOGE is intended to be a viable means of payment for daily individual transactions.
Ripple (XRP): Towards a bull run
Ripple’s (XRP) revolutionary technology has made it a leading provider of crypto solutions for businesses. The coin is currently hovering around $0.4194 with a 24-hour trading volume of $1,664,844,090. In the past 7 days, the price of XRP has risen by 8.24%. Latest bull updates:
- XRP’s bullish behavior has brought a 50% price increase in the last 30 days.
- According to the latest updates by James K. Filan in the ongoing Ripple v. SEC case, all the motions are now fully summarized and the judge’s decision is awaited.
According to analysts, XRP is an excellent investment option for those who buy cryptocurrencies based on a top-down investment approach to diversify their portfolios. And as it is currently trading under $0.5, it is an affordable entry and investment opportunity with higher returns.
Dogecoin (DOGE) is no longer a “joke”
A single tweet is all it takes for Dogecoin to turn green. The meme coin pioneer has been around since 2013 but became popular in early 2021 when the crypto advocate was chosen by Tesla CEO Elon Musk. Dogecoin bull updates:
- A ‘cashtag’ for Dogecoin was introduced on Twitter, positively impacting the token’s current market value.
- Network updates and DOGE’s plans to be listed on Robinhood bolstered the week’s rise
Looking at the recent price increase of Dogecoin, this meme coin is expected to attract the attention of many new investors. That’s good for long-term price appreciation, too.
DOGE whale sends 57 million DOGE to Coinbase
According to data from crypto transaction monitoring service Whale Alert, a major DOGE transaction took place on Blockchain today. In total, this transfer included 57,056,400 DOGE transactions, valued at more than $5 million at the time the transaction was posted. Since the amount here is so large, the asset behind the transfer could likely be a whale or at least a group of multiple large investors. Due to the volume of tokens involved in transactions like this, they can sometimes cause noticeable fluctuations in the price of the asset.
But what change in the coin’s value could potentially be produced from such a token movement depends on several factors. Also, the main purpose behind the process is important. Here are some details about the latest Dogecoin whale transaction that might shed some light on why the investor decided to make this move:
As can be seen above, the sending address for this Dogecoin transaction was an address type that is not tied to any known centralized platform and therefore probably anonymous. In this case, the recipient was an address linked to the crypto exchange Coinbase. Note that the transaction details show another recipient for this transaction and the total amount of the transfer was approximately $10.5 million. But upon closer inspection, it’s clear that it’s the same address as the sender. So this output only shows the amount remaining in the original wallet.
Effect of Transfer on DOGE price
Such a transaction, in which coins are moved from a personal wallet to an exchange, is called an exchange entry. Investors often deposit money on exchanges for the purpose of selling. Therefore, entries may have bearish effects on the meme coin price. If this Dogecoin whale actually made this transfer for the purpose of selling on Coinbase, DOGE could feel a negative impact from this. But data from WhaleStats shows that DOGE was among the top 10 most bought tokens by the biggest BSC whales just yesterday.
Such accumulations from whales can often be bullish for the price. Therefore, depending on the scale of these purchases, they may be able to offset the potential selling pressures that can be caused by today’s whales. According to experts, in such a scenario, Dogecoin will probably not feel any impact from the stock market entry.
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