Dogecoin (DOGE) market cap hits $50B, surpassing ING and Barclays
The rally dragged Dogecoin’s market capitalization above well-established financial institutions like ING, Barclays and Credit Agricole.
The last 10 days have been nothing short of impressive for Dogecoin (DOGE), which rallied by over 500% to a new all-time high of $0.45, even after a 15% correction.
The cryptocurrency was pushed higher by remarkable supportive tweets from its proponent Elon Musk, CEO of Tesla and SpaceX. However, Musk is not the only billionaire businessman to support the cryptocurrency. Dallas Mavericks owner and investor, Mark Cuban has also publicly defended DOGE. The Dallas Mavericks official store even accepts it as payment for its merchandise sales.
The Dogecoin community is constantly targeting for the $1 which means that the DOGE market cap will surpass the $100 billion as we acknowledge the current supply of 129.6 billion. Although supply is expected to grow by 20% in the next five years.
As the market grows, institutional-focused exchanges will offer altcoin derivatives to make the market more efficient. Meanwhile, comparing Dogecoin's market capitalization to more established banks provides distorted figures.