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Dogecoin (DOGE), the leading meme coin, is poised to potentially surpass Tron (TRX) in market capitalization rankings, challenging its current eighth-place position. Dogecoin currently holds the ninth spot with a market cap of $25.16 billion, closely trailing Tron's $25.47 billion.

Dogecoin Gaining Traction Despite Price Fluctuations

Data from CoinMarketCap reveals that Dogecoin is approximately $324 million shy of overtaking Tron. The meme coin has demonstrated considerable momentum recently, even surpassing Cardano and relegating it to tenth place.

However, at the time of this report, Dogecoin's price has experienced a decline of 2.55%. Amidst broader market volatility, the meme coin has been trading at $0.1676 over the past 24 hours. Trading volume has also decreased by 17.77% to $1.03 billion, indicating a potential pullback from investors.

After dipping below its 50-day and 200-day moving averages, Dogecoin is currently forming a falling wedge pattern. This pattern often signals impending bullish momentum, typically preceding a price breakout. Should this occur, Dogecoin could appreciate in value and potentially exceed Tron's market cap.

The current market dynamics for Tron also appear to favor Dogecoin. Tron is currently experiencing bearish pressure, with its price declining by 3.69% in the last 24 hours to $0.2690. This suggests that Tron is less likely to significantly widen the $324 million gap between itself and Dogecoin, especially considering its current sell-off.

Will Bitcoin Influence a Dogecoin Flip?

Dogecoin bulls and major holders could rally behind the meme coin to reverse its current bearish trend. A surge in purchase activity from large DOGE holders, similar to the recent 41% increase in transaction volume, could trigger a price increase.

Broader on-chain market developments, such as an increase in Bitcoin's value, could also catalyze Dogecoin's price gains. The leading cryptocurrency is currently experiencing volatility, mirroring the overall crypto market trend.

However, a positive surge in Bitcoin's price could provide the necessary fuel for Dogecoin to rebound and surpass Tron. Read original article on U.Today