At greater than $52 billion, the market capitalization of meme-based cryptocurrency Dogecoin (DOGE) has already handed that of Twitter, U.S. automobile producer Ford, and now, Tether.
In accordance with data from AssetDash, the market cap of Dogecoin is $52.5 billion, greater than $400 million larger than that of Tether (USDT) at $52 billion. The token has already surpassed Ford’s and Twitter’s market capitalization at $45.1 billion and $43.1 billion, respectively. The weeklong surge in DOGE worth follows crypto-friendly buying and selling platform eToro asserting it can start itemizing Dogecoin.
In an announcement to Cointelegraph, a consultant for eToro mentioned the platform had added DOGE “as a result of robust buyer demand.” The platform’s 20 million customers will now be capable to purchase and promote the token.
Whether or not as a result of eToro’s integration, pushes from the DOGE Military on social media, or mentions from distinguished Dogecoin proponents like Tesla CEO Elon Musk or Shark Tank star Mark Cuban, the worth of DOGE has rallied considerably this week. On the time of publication, the worth of Dogecoin is $0.41, having risen greater than 57% within the final seven days.
Some are speculating that the rally may be due to Musk’s upcoming appearance because the host of Saturday Night time Dwell, with Musk hinting that he’ll be taking part in a comedy sketch known as “The Dogefather.” The present already featured nonfungible tokens in a rap skit that includes Kate McKinnon as U.S. Treasury Secretary Janet Yellen during which musical visitor Jack Harlow supplied probably the most concise info on the expertise. Maybe, Miley Cyrus, who scheduled to carry out through the episode, will do the identical for DOGE.
Initially created as a joke, DOGE is understood to be inclined to social media chatter, notably Tweets from the Tesla CEO. Final month, pro-Dogecoiners seemingly tried to pump the worth of the token by getting the hashtag “#DogeDay” trending the week of April 20. Even comic Invoice Maher mentioned DOGE on his show Actual Time with Invoice Maher on Friday, referring to the token as “Easter Bunny cartoon money.”