While there's still plenty of volatility, many cryptocurrencies have set new all-time highs in recent weeks. Ripple (CRYPTO: XRP) hit a new all-time high in mid-January. And while it wasn't technically a new all-time high, Dogecoin (CRYPTO: DOGE) hit a multiyear high last month, as well.

Many experts believe there's even more upside to come for both cryptocurrencies, but which one is the better bet today? You might be surprised by the answer.

Two very different cryptocurrencies

Both Ripple and Dogecoin are popular cryptocurrencies, but their underlying reasons for existing couldn't be further apart. One is arguably a utility token, while the other is clearly a meme coin . Their names alone should tell you which is which, but I'll quickly dive into the specifics for each token.

Ripple got its start in 2004, well before Bitcoin was even invented. Its original name was RipplePay, and the underlying technology was designed to make money transfers easier. Blockchain technologies entered the picture nearly a decade later.

In 2012, the company was sold to a group of investors. That's when the company turned into a crypto empire, launching its XRP token with the goal of revolutionizing money transfers between big banks. Now known as Ripple Labs, the group still manages the XRP coin and the RippleNet payment system.

According to the Corporate Finance Institute, "The network was designed to be faster, cheaper, and more scalable than Bitcoin, and XRP is meant to facilitate financial transactions as a bridge currency." The end result, according to Ripple's value proposition is that major financial transfers, especially cross-border transfers, become more efficient for every party involved compared to the current system. This digital coin has a job to do.

Dogecoin couldn't have a more different origin story. It was launched in 2013 primarily as a joke, borrowing its name from a Shiba Inu dog made famous through internet memes. According to the founders, they "thought that cryptocurrency was being taken far too seriously and wasn't much fun." Thus, Dogecoin was born.

While Ripple was designed for a specific use case, Dogecoin was designed with fun in mind. Therefore, Dogecoin uses a proof-of-work consensus mechanism that involves mining, perhaps using the graphics card in your computer. The coin price tends to fluctuate based on viral posts in various social media channels. And the adorable Shiba Inu mascot remains a vital piece of the Dogecoin puzzle.

Meanwhile, Ripple operates a serious payment network with a centralized ledger -- a more palatable approach for large financial institutions.