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DOGE is the sixth largest Cryptocurrency on the market.
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Since Trump’s victory, its price has risen more than 115%.
Dogecoin (DOGE) surpassed well-known companies in terms of market capitalization. The meme cryptocurrency inspired by a viral Internet dog has not stopped growing since Donald Trump was elected president of the United States.
The market capitalization of a company is an important metric to evaluate your value. It is calculated by multiplying the current price of your shares by the total amount outstanding.
In the cryptocurrency ecosystem it is also a key indicator that indicates the size and position of the asset in the market.
In the case of DOGEcurrently it is the largest memecoin and ranks sixth among digital assets with the largest market capitalizationafter get over to the USDC stablecoin and XRP, the cryptocurrency issued by the Ripple company.
Cryptocurrencies with the highest market capitalization. Source: CoinMarketCap.
To take dimension of this meteoric growth, DOGE is now more valuable than Volkswagen, BMW and Ford, three of the companies automotive companies that sell the most vehicles worldwide.
Likewise, it is worth noting that dogecoin is relatively close to surpassing other recognized multinationals such as Nintendowhose market capitalization is $63 billion.
BMW and Ford occupy positions 461 and 466, respectively, in the ranking of publicly offered companies with the highest market capitalization. Source: companiesmarketcap.
DOGE’s position above these large automotive companies may be surprising and even irrational, since it is a meme cryptocurrency with no defined practical purpose and that doesn’t solve any problem.
As CriptoNoticias has explained, the memecoins They are digital assets that are inspired by pets, famous people or political figures. They are generally used for financial speculation and it is for this reason that their price can go down or up in a matter of seconds.
In the case of DOGE, what happens is that it benefited mainly from Donald Trump’s victory in the United States elections. In the last 7 days, its price rose more than 115% and Currently its price is 0.39 dollars.
Dogecoin price so far in 2024. Source: TradingView.
Another factor that generated bullish momentum in the price of DOGE is that the businessman Bitcoin-dogecoin-tesla-spacex-paypal-x-memecoins-biografia/” target=”_blank” rel=”noreferrer noopener”>Elon Musk be part of the Trump government. Rumors indicate that the CEO of Tesla would be the one who would take charge of the Department of Government Efficiency (whose acronym in English would be DOGE).
Musk is a dogecoin enthusiast and often jokes with the Shiba Inu dog community. It was the members of that group who proclaimed it as DOGE CEOon April 1, 2019 on the holiday known as April Fool’s Day. That’s why, Every comment you make has a positive impact on the price of the memecoin.
Furthermore, we must not forget the performance it has been having bitcoin (BTC) since Trump’s victory. Every time the coin created by Satoshi Nakamoto increases its price, Investor interest in the rest of digital assets tends to expand.
The price of BTC is up more than 25% in the last 7 days and is about to break the $90,000 barrier. Currently its price is $89,410.
Bitcoin price so far in 2024. Source: TradingView.
BNB-el-siguiente-rival-de-dogecoin”>BNB, the next rival of dogecoin
According to the calculations made by the CriptoNoticias journalist, Bárbara Distéfano, so that dogecoin overtakes BNB token In terms of market capitalization, Its price should rise to $0.59that is, 50% from its current price.
The high volatility of this digital asset could make it feasible for DOGE to continue rising in the short term and reach fifth position in the ranking of the most important cryptocurrencies on the market.
The trader known as Ash Crypto projects the price of DOGE to reach the goal of $1 in 2025.
For its part, for the financial market analyst, known as MagsDOGE will not repeat the performance it had in the November 2021 cycle, when it reached its all-time high of $0.73. However, he believes it will break the $1 barrier. “It’s a conservative goal,” he said.
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