Dogecoin breaks $ 0.70 mark and overtakes Ripple

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The cryptocurrency with the Shiba Inu reached a new all-time high of $ 0.71 today after being listed on eToro and Gemini

Dogecoin has caused a lot of turmoil in the crypto markets lately. In the last seven days alone, it has risen by more than 125% in a rally. With an increase of more than 40% in less than 24 hours, the DOGE price exceeded the 0.50 US dollar mark for the first time yesterday and 0.60 US dollars shortly thereafter. This morning, the cryptocurrency hit a new all-time high at $ 0.71.

At that time, Dogecoin had a market capitalization of over $ 89 billion, surpassing Coinbase, BP and General Motors. Dogecoin is now the fourth-largest Cryptocurrency by market capitalization.

On Monday, DOGE overtook Tether (USDT) and took fifth place, before he also overtook Ripple (XRP) yesterday. However, according to CoinMarketCap, DOGE is still 14 billion US dollars behind the market capitalization of Binance Coin (BNB), which currently ranks third in the rankings.

The rise of the meme coin was probably facilitated by the increased use this year. Back in March, crypto payment service provider BitPay announced the introduction of dogecoin payments for merchants and consumers, with the Dallas Mavericks basketball team using the service first for tickets and other sales items. The Major League baseball team Oakland Athletics followed suit this week and now accept DOGE for the payment of seats.

Dogecoin is also becoming more accessible to traders and investors – on Monday, the social trading platform eToro made DOGE available to its 20 million registered users. Yesterday followed the listing of Dogecoin on Gemini.

The rally may also have been fueled by Tesla CEO Elon Musk, who is already known for his influence on the DOGE market. Last week betray he that he will appear this weekend on “Saturday Night Live” in a sketch entitled “The Dogefather”.

At the time of writing, the market capitalization of Dogecoin has fallen from its peak to $ 84 billion, with a price of $ 0.65. For DOGE, however, this still means a gain of over 13,000% since the beginning of this year, making the cryptocurrency arguably the most successful gag of all time.