Dogecoin is now the world’s 10th most valuable cryptocurrency after a 40% jump in the last 24 hours pushed the total market cap of DOGE to a record high. Dogecoin’s market cap reached $10 billion on Monday, more than Stellar (XLM) and Bitcoin Cash (BCH).
Dogecoin has posted significant gains since the start of 2021, the cryptocurrency started this year with a market cap of $600 million and a price level of $0.004. DOGE is up nearly 100% in the last 7 days as the trading volume of the world’s 10th largest cryptocurrency reached the highest level on record.
Tesla CEO, Elon Musk remained outspoken about Dogecoin, though most of the time he made fun of the cryptocurrency with his tweets, it seems like the demand for the cryptocurrency has increased due to his Dogecoin statements.
“I occasionally make jokes about Dogecoin but that’s because Doge was made to make fun of crypto assets. The most ironic outcome would be that Dogecoin becomes the currency of earth in the future,” Musk said during a conversation on social networking app Clubhouse recently.
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In his latest tweet about the cryptocurrency, Elon Musk teased the crypto community by saying that Dogecoin is the people’s crypto.
Dogecoin’s Market Cap
DOGE has beaten leading cryptocurrencies including Bitcoin Cash, Bitcoin SV, Stellar, USD Coin and EOS in terms of market cap. The cryptocurrency is now more valuable than DeFi tokens including Aave, Uniswap and Wrapped Bitcoin. Dogecoin’s market cap is just behind Chainlink and Litecoin. Another 10% jump in DOGE price will make it more valuable than LINK and LTC. The cryptocurrency market currently has a market cap of nearly $1.2 trillion, its highest level on record.
Bitcoin, the world’s largest cryptocurrency jumped above $40,000 on Saturday as the total market cap of BTC reached $726 billion. Ethereum jumped above $1,700 for the first time last week ahead of its CME Futures launch. ETH’s total market cap stands at around $185 billion.