The meme-based cryptocurrency Dogecoin reached an all-time high of $0.68 today after a more than 50% jump within a single day. The cryptocurrency crossed the total market cap of XRP on Wednesday after a significant surge in demand from retail investors. According to Coinmarketcap’s data, Dogecoin now has a market cap of more than $88 billion, approximately $25 billion more than the total market cap of XRP.
Dogecoin is now up by more than 11,000% this year.
The meme-based cryptocurrency is now the 4th most valuable cryptocurrency in the world after Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Dogecoin entered the list of top 5 cryptocurrencies yesterday after beating the total market cap of the world’s most valuable stablecoin Tether (USDT). DOGE is now up by more than 11,000% since the start of 2021. XRP price has gained nearly 500% in the last four months. Dogecoin’s popularity among retail traders is surging as trading volumes of the world’s 4th largest crypto spiked to a record high.
Crypto exchange Gemini is now supporting Dogecoin.
According to bybt.com, approximately $200 million worth of short DOGE positions were liquidated in the last 24 hours amid a surge in the price of the cryptocurrency. Earlier, crypto exchange Gemini announced that the company is now supporting Dogecoin. The crypto exchange has already opened deposits for DOGE and mentioned that users would be able to trade the cryptocurrency soon. “Dogecoin continues Bitcoin’s tradition of giving the control of money back to the people. Yes, it’s a meme coin, but all money is a meme. And all money is both an idea and a matter of faith or belief in it.” Gemini mentioned in the official announcement.