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.
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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.”