- Dogecoin’s market capitalization has outperformed Coinbase’s COIN as the meme asset seeks another milestone following Elon Musk’s Twitter takeover.
- Even though DOGE has struggled to surpass its all-time highs of May 2021, its current performance does not indicate that it will make a strong return in the short term.
Over the years, the meme-inspired digital currency has achieved some remarkable feats since its launch. Dogecoin has witnessed different rounds of development, both in terms of network scalability and its token’s utility. However, at its early stage, many industry experts didn’t take Dogecoin as a serious blockchain, as critics noted that the asset is just what it was meant to be a meme token without any tangible value.
However, DOGE experienced a new lease of life when tech billionaire Elon Musk expressed his interest in the meme coin. The Tesla CEO’s numerous actions have helped push the value of Dogecoin and its popularity among crypto enthusiasts. On several occasions, the billionaire has made moves to accelerate the adoption of Dogecoin as a means of payment in several enterprises.
DOGE Outclasses COIN
At the beginning of this year, Musk called on the US fast food giant McDonald’s to incorporate DOGE as a means of payment in its outlets. Apart from that, his electric car manufacturing company, Tesla, has already enabled the use of DOGE as a means of payment for some of its merchandise.
After Musk acquired Twitter, expectations were high in the Dogecoin community over integrating the token into the microblogging platform. So far, the asset attained several milestones last year and has continued its strong performance toward the end of 2022.
Amid the market turmoil, most top crypto assets are putting in a good shift on the trading floor to position themselves among the top-performing virtual assets in the market cap. DOGE is currently better than Coinbase’s COIN in market capitalization and ranks eighth. As revealed by CoinMarketCap, Dogecoin’s current market cap stands at $9,939,409,201.
But by comparison, the market cap of the largest US crypto exchange is $8 billion, which is still a commendable achievement. Moreover, it is worth noting that the market capitalization of an asset is the metric that shows the aggregate market for a particular token. With this new milestone, DOGE has shown an unusual growth rate over Coinbase, and if Musk adds the coin to Twitter, it will turn out to be another boost for the popular canine cryptocurrency.
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Will DOGE See a $0.20 Price Spike?
Like other crypto assets, DOGE’s value has dropped significantly compared to the end of last year. Furthermore, it has lost about 50 percent of its value at the start of 2022. However, the asset is still one of the top virtual currencies, and it is expected to get a massive boost following Elon Musk’s acquisition of Twitter.
While the token has struggled to surpass its all-time highs of May 2021, its current performance does not indicate that it will make a strong return in the short term. However, if Musk’s plan to incorporate DOGE as a payment option on the microblogging platform becomes a reality, the Dogecoin community anticipates that DOGE’s price will surpass $0.20 soon. Meanwhile, the meme coin currently trades at $0.074 and is down 4.7 percent in the last 24 hours, per CoinGecko data.
