While the dust settles after the first wave of the significant pump of Dogecoin (DOGE), its impetus may go to other major altcoins, with XRP token leading the pack. XRP, the fifth-largest cryptocurrency, added about 15% in a matter of minutes today.
DOGE “money ball” in XRP court?
The crypto analyst and trader, Luke Martin, host of the VentureCoinist podcast on investing, spotted an interesting correlation between the two pumps. As Dogecoin’s (DOGE) insane run begins to wane, XRP token surged from $0.26 to $0.30 in about an hour. According to Martin, it is not a coincidence.
Luke Martin tweeted, “It pains me to say this….it really does…but it looks like the hot ball of money that pumped DOGE has started to move into XRP. XRP is up 20% in the last 2 hours while the rest of the market is flat.”
It pains me to say this….it really does…but it looks like the hot ball of money that pumped $DOGE has started to move into $XRP.$XRP is up 20% in the last 2 hours while the rest of the market is flat. pic.twitter.com/ck3ityU7rd
— Luke Martin (@VentureCoinist) January 29, 2021
On some exchanges, the XRP upsurge printed a notable 20 percent increase amidst a flat market.
Meanwhile, some experts also attribute “DOGE” money to the Bitcoin (BTC) pump that started with Elon Musk’s Twitter bio adjustment. An anonymous trader who goes by @LilMoonLambo on Twitter shared his/her observations:
You guys know all this $DOGE money is gonna flow right back to $BTC right?
As reported by Herald Sheets, Bitcoin added almost $7,000 within a few hours. It has been a real disaster for bears as $57,000,000 in Bitcoin (BTC) shorts were liquidated in a single minute on Binance Futures.
Flare protocol bridges DOGE and XRP
In 2021, more than gambling-style price pump correlations may occur between XRP and Dogecoin (DOGE). Yesterday, it was confirmed that “XRP utility fork” Flare will add Dogecoin (DOGE) as its third F-Asset alongside XRP and Litecoin (LTC).
This decision followed a recent poll on Flare’s Twitter handle. Fifty-three percent of Flare enthusiasts said “yes” to DOGE integration. So, starting from May 2021, Dogecoin (DOGE) will be natively integrated into Flare’s EVM-compatible mechanisms.
At press time, XRP price movement is losing its steam. Meanwhile, it is still in the green zone, changing hands at $0.2846, with about a 12% price uptrend in the last 24 hours.