At the time of writing, Dogecoin’s market cap was around $11 billion, while Polkadot’s was around $9.2 billion.
Dogecoin achieved the feat after rallying nearly 10% late yesterday following reports that the cryptocurrency will soon be used to purchase merchandise on SpaceX.
Both cryptocurrencies saw minor gains in the hours leading up to press time. While Dogecoin is trading at around $0.82, up 8% in the last 24 hours, DOT is trading at $9.39, up 8.5 percent in the same period.
It is worth noting that Dogecoin has been trailing Polkadot for weeks and has only recently made a significant move to overtake the cryptocurrency after Elon Musk, the CEO and founder of Tesla, announced that SpaceX will soon support DOGE payments.
Musk’s Contribution to the Growth of Dogecoin
Meanwhile, Musk has made significant contributions to Dogecoin’s rapid growth over the last year. Musk was one of the early adopters who propelled the memecoin to an all-time high (ATH) of more than $0.7.
Even though the cryptocurrency has experienced a significant drop since reaching an all-time high of $0.7, Musk has continued to support the token.
Musk’s unwavering love and support for the cryptocurrency have recently alarmed one of Ripple’s attorneys, who are concerned that he could face SEC charges if Dogecoin is declared an investment contract.