Dogecoin (DOGE) is now more valuable than the world’s most valuable stable coin, Tether (USDT). The meme-based cryptocurrency entered the top 5 digital assets list 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.
Dogecoin is up 700% in the last 30 days.
The world’s 5th largest cryptocurrency is already up by more than 700% within the last 30 days. It remained the best-performing cryptocurrency among the top 10 cryptocurrencies. DOGE gained approximately 10,900% since the start of this year. Dogecoin started this year at a price level of nearly $0.004. The meme-based cryptocurrency 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 crypto increased substantially across different trading platforms. Dogecoin is now more valuable than the combined market cap of Swiss financial group Credit Suisse and German financial services giant Deutsche Bank.
Crypto adoption continues to increase.
One of the key reasons behind Dogecoin’s recent price jump is a spike in the adoption of cryptocurrencies around the world. Compared to 2020, retail and institutional adoption of DOGE has increased massively this year. Earlier this year, 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. The leading crypto ATM provider in the US, Coinflip, announced recently that the company had listed Dogecoin on its 1,800 ATMs across the US in an effort to make DOGE available to the masses.