In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.

Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.

The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.

Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.

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At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

The UK government and the Bank of England are taking landmark steps towards the creation of a central bank digital currency, joining other nations that include China and Bahamas in the digital currency drive.

A press release issued on the government’s website announced the creation of a body with the mandate to coordinate on the possibility of a Bank of England-issued digital money for use by households and businesses.

If approved, the digital currency would exist alongside other payment options, rather than replace them.

READ: Bank of Canada quickens up its digital currency launch

Speaking at Fintech Week, Chancellor Rishi Sunak spoke on the initiatives put in place with regulatory support and structural reforms toward the British drive on a central bank digital currency.

Chancellor of the Exchequer, Rishi Sunak said:

“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.

A new Taskforce, bringing together HM Treasury and the Bank of England, will be established to explore a possible UK central bank digital currency (CBDC).

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Two new forums will also be established to engage technical experts and key stakeholders (including financial institutions, merchants, business users, civil society groups, and consumers) through the process.”

A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the British pound or Naira, for instance.

Digital currencies can be decentralized, a situation where the control over cash supply can come from diverse sources. Digital currencies can also be centralized, a situation where there is a midpoint of control over cash supply, just like the way central banks work.

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The U.S government is also considering a framework for creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.