Dogecoin surges to join top 5 cryptocurrencies

Dogecoin has jumped nearly 25% within the last 24 hours to become the 5th most valuable cryptocurrency. According to data published by CoinMarketCap, the market cap of DOGE has crossed $50 billion, flipping over the most valuable stablecoin, Tether. As of writing, DOGE is trading near $0.41 with a market cap of approximately $53 billion.

The adoption of Dogecoin took a major turn yesterday when Newegg, a leading online retailer, announced the acceptance of Dogecoin as a payment method. DOGE has now gained around 450% within the last 7 days. Meanwhile, DOGE started this year at a price level of $0.004, but the cryptocurrency is now up by more than 10,000% within the last 15 weeks.

Speaking on the new development, the Brand Manager at Newegg, Andrew Choi, mentioned in the official press release:

“The excitement and momentum around cryptocurrency are undeniable, and the recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency.”

The Rise of Dogecoin

DOGE has recorded an increase in demand and has received substantial support on social media, especially from different celebrities— such as Tesla CEO Elon Musk and rapper Snoop Dogg. DOGE became a trend on Twitter yesterday amid massive support from retail traders. Robinhood, a leading crypto trading platform, also highlighted the latest surge in demand for Dogecoin and other cryptocurrency assets. The company mentioned that more than 9.5 million customers traded crypto on Robinhood’s platform during the first three months of 2021.

Since the year started, Dogecoin has remained the best-performing digital currency among the top 10 with a massive surge of approximately 10,500%. Now, the world’s top 5 cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, and Dogecoin (DOGE).