TL;DR Breakdown
- Doge flips USDT as number 5 cryptocurrency
- eToro inspires Doge recent price surge
After its most recent price surge, meme crypto, Dogecoin has again added another feather to its wings as it now becomes the fifth-largest cryptocurrency. It beat stablecoin, Tether (USDT) to take over as number five.
Dogecoin experienced a 15 percent surge in the past 24 hours, according to Coinmarketcap, making its total market cap jump above $56 billion. Similarly, in the last 30 days, Dogecoin has seen a 700 percent rise making it the best performing crypto among the top 10 cryptocurrencies.
The meme coin recorded a significant jump in demand from retail and institutional investors during the last 24 hours. The total trading volumes of the world’s 5th most valuable crypto increased substantially across different trading platforms.
All these are in the wake of a recent plunge to below US$0.20 the coin suffered, three days after April 20, a day that was meant to be “Doge Day” when the meme coin’s faithful investors were supposed to, but did not, drive Dogecoin’s price to US$1.
eToro listing one factor behind Dogecoin success
eToro exchange-listed the meme coin to allow its 20 million users to get in on the “joke” cryptocurrency, a factor behind the coin’s recent bull run aside from the coming Elon Musk’s appearance on Saturday Night Live (SNL) this weekend.
“You barked, and we heard you!” said eToro, in a company announcement that Dogecoin — “everyone’s favorite ‘meme coin'”
Dogecoin’s stellar performance and market demand mean the cryptocurrency is not “an asset to be taken lightly,” eToro added.
After its recent rise, the meme coin has seen its value topple the combined market cap of Swiss financial group Credit Suisse and German financial services giant Deutsche Bank.
Dogecoin supporters expect a higher price surged after Musk’s appearance on SNL, similar to his magic touch when he tweets about the coin.
However, it would be unlikely that Musk would promote any of his actual businesses as the U.S. Securities and Exchange Commission will be tuning in to the program that will star the market mover on May 8.
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