Dogecoin (DOGE) became the 5th most valuable cryptocurrency on 20 April after the total market cap of DOGE crossed $50 billion. The cryptocurrency is up by more than 25% in the last 24 hours.
According to the latest data published by Coinmarketcap, Dogecoin crossed the market cap of the world’s most valuable stablecoin Tether (USDT). As of writing, DOGE is trading near $0.41 with a market cap of approximately $53 billion.
The adoption of the world’s 5th most valuable digital asset took a major jump yesterday when Newegg, a leading online retailer, announced the acceptance of Dogecoin as a payment method. DOGE has now gained around 450% within the last 7 days.
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“The excitement and momentum around cryptocurrency are undeniable, and the recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency,” Andrew Choi, Brand Manager at Newegg mentioned in the official press release.
DOGE started this year at a price level of $0.004. The cryptocurrency is now up by more than 10,000% within the last 15 weeks.
The Rise of Dogecoin
DOGE received substantial support on social media from different celebrities, including Tesla CEO Elon Musk and rapper Snoop Dogg. Dogecoin became a trend on Twitter yesterday amid massive support from retail traders. In addition, Dogecoin saw a significant surge in demand. Robinhood, a leading crypto trading platform, highlighted the latest surge in demand for Dogecoin and other cryptocurrency assets. The company mentioned that more than 9.5 million customers traded crypto on Robinhood’s platform during the first three months of 2021.
Dogecoin remained the best-performing digital currency among the top 10 with a massive surge of approximately 10,500% since the start of this year. DOGE is now more valuable than several digital assets including Cardano (ADA), Polkadot (DOT), Litecoin (LTC) and Bitcoin Cash (BCH). The world’s top 5 cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP and Dogecoin (DOGE).