Altcoin Season Heats Up: XRP, ADA, DOGE Spearhead Strong Gains
XRP Takes the Lead
As per CoinMarketCap, XRP briefly overtook BNB in terms of market cap, and rose over 20% in the past seven days.
XRP might rally due to several factors. First, there are speculations around the upcoming Ripple Swell conference in Dubai. Speculation that Ripple might announce an IPO or even a settlement in the ongoing lawsuit may have driven up the XRP price.
Attorney John Deaton said in a post that a settlement with the SEC for a relatively small amount would be a big win for Ripple. If the legal battle ends favourably for Ripple, it could boost investor confidence and, consequently, the price of XRP.
However, he also stated that there are neither talks about settlement nor an IPO.
ADA Sees Most Development
Amidst a rally of almost 4% in 24 hours and 19.5% in the past week, Cardano’s ADA shows a lot of developer activity.
According to crypto analytics platform Santiment, Cardano is the top performing blockchain over the past 30 days when it comes to developments.
Often called a ‘ghost chain’ the recent rise in the value of ADA is closely connected to a significant increase in total volume locked (TVL). Since the start of 2023 TVL has increased by 385% in Cardano’s ecosystem, as per DeFi Lama, reaching US $247 million (AU $381 million), with major contributions from DeFi projects Minswap and Indigo.
This growth suggests a boost in confidence and wider adoption, which could help sustain ADA’s upward momentum toward US $0.5 (AU $0.77).
DOGE is Back, Maybe!
Dogecoin’s (DOGE) price surged 20% over the past month during the broader market rally starting in October. The rise coincided with the meme coin community celebrating “DOGE Day” on November 2nd, marking the birthday of Kabosu, the Shiba Inu dog that became the face of the doge meme. Looking at the DOGE chart on CoinMarketCap we can see that the number one meme coin might still have room left for further gains.