Dogecoin Market Capitalization Beyond Tether

Dogecoin illustration (coindesk)

JAKARTA - Dogecoin (DOGE) has a market capitalization of 56 billion US dollars. This amount exceeds Tether's cryptocurrency market capitalization of US$ 52 billion as reported by Coingecko, Tuesday, May 4.

The market cap value of DOGE has exceeded the market cap of US giants Ford and Twitter which have 45.1 billion and 43.1 billion, respectively.

The skyrocketing price of Dogecoin in recent days stems from positive sentiment with the eToro platform announcing it will include Dogecoin in the crypto list on its platform.

Launching Cointelegraph, eToro revealed that the platform added Dogecoin (DOGE) "due to strong customer demand." As many as 20 million eToro users can now buy or sell DOGE.

The factor in the increase of DOGE is not only because the meme coin is included in eToro listings, other factors are also caused by the movement of the Dogecoin community, the massive DOGE Army on social media. Elon Musk and Mark Cuban also had a big influence on the skyrocketing price of Dogecoin. In the last seven days, DOGE is up 57 percent.

Some observers predict that the Dogecoin price hike is due to Elon Musk, who will appear on the Saturday Night Live (SNL) television show on May 8.

According to information circulating, the SNL event will feature Kate McKinnon as US Treasury Secretary Janet Yellen. Jack Harlow is also rumored to be a performer on the show. In addition, Miley Cyrus is also rumored to be participating in the comedy show titled "Dogefather".

Even though Dogecoin was created on the basis of a joke, now DOGE has silenced those who used it and laughed at it. This is evident in the last few days Dogecoin has experienced a significant increase in price, ahead of the SNL event. On April 20th, the Dogecoin community also celebrated #DogeDay.