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Dogecoin Enters Top 5 Cryptocurrencies after Beating Tether’s Market Cap

Dogecoin (DOGE) is now more valuable than the world’s most valuable stablecoin, Tether (USDT). The cryptocurrency entered the list of top 5 digital assets after posting a jump of nearly 15% in the last 24 hours.

According to Coinmarketcap, the total market cap of Dogecoin jumped above $56 billion on 4 May. DOGE is currently trading near an all-time high of $0.44. The world’s 5th most valuable digital currency is already up by more than 700% within the last 30 days.

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Dogecoin remained the best-performing cryptocurrency among the top 10 digital assets. DOGE gained approximately 10,900% since the start of this year. Dogecoin started this year at a price level of nearly $0.004.

Dogecoin reported a significant jump in demand from retail and institutional investors during the last 24 hours as the total trading volumes of the world’s 5th most valuable cryptocurrency increased substantially across different trading platforms.

With a market cap of more than $56 billion, Dogecoin is now more valuable than the combined market cap of German financial services giant, Deutsche Bank and Swiss financial group, Credit Suisse.

Dogecoin Adoption

One of the key reasons behind Dogecoin’s recent price jump is a spike in the adoption of digital currency. Compared to 2020, retail and institutional adoption of DOGE has increased massively this year. In March 2021, Latvian airline airBaltic announced the acceptance of DOGE and other cryptocurrencies as a payment method for ticket booking. During the same month, Dallas Mavericks, an American professional basketball team, became the first NBA team to accept Dogecoin for tickets and merchandise. CoinFlip, one of the leading crypto ATM providers in the United States, announced recently that the company has listed Dogecoin on its 1,800 ATMs across the US in an effort to make DOGE available to the masses.

As of writing, Dogecoin is trading above $0.43 with a market cap of over $56 billion. The overall market cap of digital currencies stands at around $2.24 trillion.


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