Earlier today, Dogecoin’s market cap was above $31 billion after surging by 300% this week, thus placing it as the 8th largest cryptocurrency. However, Dogecoin is currently on the rage as the market cap has risen by about 55% within few hours and is currently sitting above $48.9 billion.
Dogecoin was created as a fun payment system in 2013 by two software engineers Billy Markus and Jackson Palmer. The virtual cryptocurrency is much like Bitcoin except for the dog meme on it and, of course, Bitcoin’s higher dominance and adoption.
Elon Musk has always made jokes around Dogecoin, saying that the fun cryptocurrency is his favourite. Most of the times when Musk tweets about DOGE, the value of the digital currency rises.
The cryptocurrency is starting to gain more popularity. Last month, Mark Cuban, Dallas Mavericks owner, had announced that the club would accept Dogecoin as payment for its merchandise and tickets.
Dogecoin Market Cap Flips Cardano and Polkadot
The recent move was sparked by another of Musk’s tweets, which read “Doge Barking at the moon”. However, the price rallied higher following tweets from industry experts such as Jordan Belfort, who shared the image of the cryptocurrency online.
The latest surge has positioned as the 5th largest cryptocurrency by market cap flipping Polkadot’s DOT and Cardano’s ADA. DOGE is currently trading around $0.3627 after dropping from an all-time high of $0.4377 according to Coinmarketcap. The price has risen more than 150% in the last 24 hours.
The exponential rise in the value of the cryptocurrency has sparked several reactions among crypto fans and experts. Senior finance lecturer at the University of Technology in Sydney, Adrian Lee said it still “puzzles him why DOGE is so highly valued”. Many other users have commented on the crazy surge of the virtual currency.