The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance
The popular meme-based crypto-asset dogecoin has seen incredible gains during the last 24 hours jumping over 40% since yesterday. After just recently capturing a $50 billion market valuation, Dogecoin’s market cap now exceeds $71 billion. Moreover, the meme-coin has been eating away at bitcoin’s market dominance, as dogecoin captures 3% of the entire crypto-economy at the time of publication.
Can’t Keep a Good Dog Down
- Dogecoin continues to rise higher as the crypto asset DOGE has touched an all-time high on Tuesday reaching $0.57 per unit. Dogecoin is up over 45% today and 97% during the last seven days. There is $15.91 billion in global DOGE trade volume on Tuesday morning (ET).
- Against bitcoin (BTC), dogecoin has gained over 41% during the last day and 51% against ethereum (ETH) during the last week. Doge has captured the fourth position in the crypto economy among the 9,000+ crypto assets in existence today. The meme asset’s valuation is worth more than Honda Motor Company.
- DOGE has gained a whopping 944% against the U.S. dollar and over 1,000% against bitcoin (BTC) in just 30 days. 90 day stats show that DOGE has jumped 1508% against the USD and more than 900% against BTC over the course of the last three months.
- Now the BTC network has a little inflation but it is considered a deflationary crypto asset by the community. Dogecoin on the other hand has 129,461,434,269 DOGE currently in circulation and is considered inflationary.
- A single dogecoin (DOGE) address has 36,711,937,077 in the address at the time of writing and is the wealthiest dogecoin owner today. This address holds more than 28.38% of the entire dogecoin supply.
- On social media and forums, Dogecoin (DOGE) is trending alongside the hashtags #hodl and other Dogecoin related social media trends.
- DOGE recently started rising again, after Tesla’s Elon Musk tweeted about his appearance on Saturday Night Live (SNL) on May 8. Last week, Musk’s tweet said “Dogefather SNL May 8” and the Tesla executive has been asking Twitter for SNL skit ideas.
- “Dogecoin continues to defy expectations within the crypto market. I believe that part of the reason is the hype that surrounds it, which comes from celebrities like Elon Musk and Mark Cuban,” Konstantin Boyko-Romanovsky, CEO and Founder of Allnodes told Bitcoin.com News. “Since the coin has an inflationary supply, it is affordable.”
- “Mark Cuban sees it as an alternative to Bitcoin for payment transactions. It appeals more to the general public because it costs so little. $60,000 for a single Bitcoin may be intimidating to some. In a way, Doge then is more like a USD but in a digital form,” Boyko-Romanovsky added.
- At the time of publication, DOGE is exchanging hands for prices between $0.48 to $0.553 per unit, dropping a hair after it touched the recent ATH just a few hours ago.
What do you think about dogecoin’s climactic run-up? Let us know what you think about this subject in the comments section below.