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Dogecoin passes Tether's market cap

  • Posted On - 2021-05-04 10:20:16

The market capitalization of meme-based cryptocurrency Dogecoin (DOGE) has already passed that of Twitter, U.S. car manufacturer Ford, and now the biggest stablecoin Tether.

The market capitalization of Dogecoin is now over $63 billion, higher than that of Tether (USDT) at $52 billion. 

DOGE token has already surpassed Ford's and Twitter's market capitalization at $45.1 billion and $43.1 billion, respectively. 

The weeklong surge in DOGE price follows crypto-friendly trading platform eToro announcing it will list Dogecoin.

Whether due to eToro’s integration, massive support from the DOGE Army on social media, or mentions from prominent crypto proponents like Tesla CEO Elon Musk or Mark Cuban, the price of DOGE has rallied significantly this week.

There are speculations around that the rally took place as Elon Musk is appearing as the host of Saturday Night Live, with Musk hinting that he’ll be participating in a comedy sketch called "The Dogefather." The show already featured NFTs in a rap skit featuring Kate McKinnon as U.S. Treasury Secretary Janet Yellen in which musical guest Jack Harlow provided the most concise information on the technology.

At the time of publication, the price of Dogecoin is $0.48, having risen more than 57% in the last seven days.