Dogecoin (DOGE) overtakes Tether (USDT) and becomes 5th most capitalized cryptocurrency representing another breakthrough for the altcoin while its price has just crossed a new all-time high.
Dogecoin (DOGE) hits record and overtakes Tether
The price of Dogecoin (DOGE) had been rising steadily since the end of April. But it has seen an even clearer breakthrough since yesterday, jumping by +21% in the space of 24 hours. It hit a new all-time high, at $0.45:
Source: TradingView, DOGE / USDT
The consequence is that Dogecoin’s capitalization now stands at over $56 billion, more than Tether (USDT), which has a market cap of $52 billion. The DOGE is therefore now installed in 5th place in the ranking of cryptocurrencies by capitalization.
Dogecoin shows no signs of slowing down
There may be several reasons for this fantastic new Dogecoin ride. On the one hand, DOGE has recently been added to the list of cryptocurrencies offered on eToro . So it certainly contributed to this new wave of enthusiasm.
We will also of course note the role played by Elon Musk, who keeps mentioning cryptocurrency. The billionaire will be appearing on Saturday Night Live soon, and a Dogecoin-related skit is said to air there. This could also have had an effect on the price of DOGE.
What is certain is that Dogecoin continues to seduce the crowds, and to steal the place of cryptocurrencies linked to more solid or more complete projects. Is this proof that cryptos are finally democratizing, or a sign of the immaturity of the markets? We’ll let you judge