Dogecoin passes Tether's market cap

The market capitalization of meme-based cryptocurrency Dogecoin (DOGE) has passed the market cap of the biggest stablecoin Tether and become the 5th largest cryptocurrency.

Dogecoin passes Tether's market cap

The market capitalization of Dogecoin is now over $60 billion, higher than that of Tether at $52 billion. Also, DOGE token has already surpassed Ford's and Twitter's market capitalization at $45.1 billion and $43.1 billion, respectively.

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

The 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.

Originally created as a joke, DOGE is known to be susceptible to social media chatter, particularly Tweets from the Tesla CEO. Last month, pro-Dogecoiners seemingly attempted to pump the price of the token by getting the hashtag “#DogeDay” trending the week of April 20. Even comedian Bill Maher mentioned DOGE on his show Real Time with Bill Maher on Friday, referring to the token as "Easter Bunny cartoon cash."