Altcoin Season Heats Up: XRP, ADA, DOGE Spearhead Strong Gains

By Aaron Feuerstein November 07, 2023 In Cardano, Dogecoin, XRP
Source: Adobe Stock
  • XRP’s market cap briefly surpassed BNB’s after a 20% weekly gain, fuelled by speculation around Ripple’s legal updates and a Ripple IPO.
  • Cardano’s ADA rallied nearly 20% in a week amid heightened development activity, as its TVL soared by 385%, indicating growing adoption and investor confidence.
  • Dogecoin’s value jumped 20% in a month, possibly consolidating after a rally that aligned with “DOGE Day,” celebrating the birthday of the meme’s Shiba Inu inspiration.

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.

Source: CoinMarketCap

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.

Advertisement

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.

Source: CoinMarketCap

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. 

Source: DeFi Lama

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. 

Source: CoinMarketCap

Aaron Feuerstein
Author

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

You may also like