Dogecoin, which started out as a joke has seen its value soar amid the current market frenzy. The digital currency broke above $0.10 for the first time on April 14 and it appears the price is not done rallying. Today, DOGE has broken above $0.2 to reach an all-time high of $0.2499 as the market cap also leaps above $31 billion.
DOGE was created as a parody for Bitcoin about seven years ago by two software engineers as a recourse to traditional banking problems. Elon Musk has also name the crypto asset as his favoutite cryptocurrency and has, often times, influenced the move of the virtual currency through his tweets.
Musk’s tweets about the digital coin has caused it to soar more than 6000 percent in the last six months. Thanks to the Tesla’s CEO recent tweet, Dogecoin has again risen by 91 percent in the last 24 hours.
Dogecoin Market Cap Flips Uniswap and Litecoin
As of the time of this writing, Dogecoin is now trading around $0.2468 according to Coinmarketcap’s data. Also, its market cap has surpassed that of a major U.S. airline, Southwest Airlines after it soared by 300 percent this week.
Right now, DOGE market cap is sitting above $31 billion, and has flipped that of other leading assets like Uniswap and Litecoin. The digital currency is now the 8th largest cryptocurrency by market cap.
Dogecoin could be on its way to the top as one of the most popular cryptocurrency. This suggests that anyone that has held the cryptocurrency for so long could be in profits by now, considering that it was only trading for 0.8 percent of its current value last year.
While Bitcoin, Ethereum and XRP have dropped by a few percentages in the last few hours, some altcoins have soared in price. Ethereum Classic has risen by 38 percent in the last 24 hours. On Binance alone, the trading volume of Dogecoin has surpassed $39 billion.