At more than $52 billion, the market capitalization of meme-based cryptocurrency Dogecoin (DOGE) has already passed that of Twitter, U.S. car manufacturer Ford, and now, Tether.
According to data from AssetDash, the market cap of Dogecoin is $52.5 billion, more than $400 million higher than that of Tether (USDT) at $52 billion. The token has already surpassed Ford’s and Twitter’s market capitalization at $45.1 billion and $43.1 billion, respectively. The weeklong surge in DOGE price follows crypto-friendly trading platform eToro announcing it will begin listing Dogecoin.
In a statement representative for eToro said the platform had added DOGE “due to strong customer demand.” The platform’s 20 million users will now be able to buy and sell the token.
Whether due to eToro’s integration, pushes from the DOGE Army on social media, or mentions from prominent Dogecoin proponents like Tesla CEO Elon Musk or Shark Tank star Mark Cuban, the price of DOGE has rallied significantly this week. At the time of publication, the price of Dogecoin is $0.41, having risen more than 57% in the last seven days.
Some are speculating that the rally may be due to Musk’s upcoming appearance as the host of Saturday Night Live, with Musk hinting that he’ll be participating in a comedy sketch called “The Dogefather.” The show already featured nonfungible tokens in a rap skit featuring Kate McKinnon as U.S. Treasury Secretary Janet Yellen in which musical guest Jack Harlow provided the most concise information on the technology. Perhaps, Miley Cyrus, who scheduled to perform during the episode, will do the same for DOGE.
Originally created as a joke, DOGE is known to be susceptible to social media chatter, particularly Tweets from the Tesla CEO. Last month, pro-Dogecoiners seemingly attempted to pump the price of the token by getting the hashtag “#DogeDay” trending the week of April 20. Even comedian Bill Maher mentioned DOGE on his show Real Time with Bill Maher on Friday, referring to the token as “Easter Bunny cartoon cash.”