Dogecoin (DOGE) touched an all-time high of $0.68 today after a jump of more than 50% within a single day. The digital currency crossed the total market cap of XRP on Wednesday after a significant surge in demand from retail investors.
According to the latest data published by Coinmarketcap, 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 the 4th most valuable digital currency 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 4 months.
Dogecoin’s popularity among retail traders is surging as trading volumes of the world’s 4th largest digital currency spiked to a record high. According to the latest data published by crypto analytics platform, 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. On the other hand, nearly $80 million worth of long and short XRP positions were liquidated during the same period.
Digital exchange, Gemini announced yesterday that the company is now supporting Dogecoin. The company has already opened deposits for DOGE and mentioned that users will be able to trade the digital currency shortly.
“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. Over the multi-millennia history of money, the majority of money (be it shells, beads, precious metals, etc.) has been what we the people say it is and believe it is,” Gemini mentioned in the official announcement.
DOGE is currently trading above $0.67 with a market cap of $87 billion. XRP, the world’s 5th most valuable cryptocurrency, is trading near $1.43 with a market cap of over $64 billion.