Dogecoin overtakes Tether as one of the 5 most market cap coins

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Dogecoin overtakes Tether as one of the 5 most market cap coinsDogecoin (DOGE) became the fifth most market capitalized cryptocurrency on April 20 after its total market capitalization exceeded $50 billion. The value of the cryptocurrency has increased by more than 25% in the past 24 hours alone.

According to the latest data published by Coinmarketcap, Dogecoin has surpassed the market capitalization of the world's most stable Tether (USDT). As of this writing, DOGE is trading near $0.4 with a market capitalization of around $53 billion.

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Adoption of the world's fifth most valuable digital asset took a big leap yesterday when Newegg, a leading online retailer, announced the acceptance of Dogecoin as a payment method. DOGE has now gained about 450% over the past 7 days.

“The excitement and momentum around the cryptocurrency is undeniable, and the recent increase in the value of Dogecoin underscores the need to make it easier for customers to make purchases with this popular cryptocurrency,” Newegg Brand Manager Andrew Choi stated in the official press release.

DOGE started this year at $0.004. The value of the cryptocurrency has now increased by more than 10,000% in the last 15 weeks.

Dogecoin has received huge support on social media from various celebrities, including Tesla CEO Elon Musk and rapper Snoop Dogg. Dogecoin became a trend on Twitter yesterday with massive support from retailers.

In addition, Dogecoin has seen a huge increase in demand. Robinhood, a leading trading platform, has highlighted the latest surge in demand for Dogecoin and other crypto assets. The company reported that over 9.5 million customers traded cryptocurrencies on the Robinhood platform during the first three months of 2021.

Dogecoin remains the top performing cryptocurrency among the top 10 with a massive increase of around 10,500% since the beginning of this year. DOGE is now more valuable than many digital assets including Cardano (ADA), Polkadot (DOT), Litecoin (LTC), and Bitcoin Cash (BCH). The top 5 digital currencies in the world include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP and Dogecoin (DOGE).

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