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Dogecoin price surge to $50 billion, now worth more than Barclays

Dogecoin

TL;DR Breakdown

  • Doge market cap hit $50 billion.
  • Doge at $1 would be great news for the crypto.

In the past days, the price of Dogecoin has gained over 500 percent, making the meme coin hit a new all-time high price and market capitalization rise to $50 billion.

Dogecoin, even upon experiencing a 15 percent correction during the week, underwent a price surge which catapulted it to a new ATH and ultimately the $50 billion market cap. The meme coin is now valued more than global firms like Barclays, Credit Agricole, and ING.

The coin, however, mainly has Elon Musk to thank for the price surge and a host of other public figures. Musk, CEO of Tesla and the second richest man globally, has been very supportive of the meme coin.

Other top shots behind the success recorded so far by Doge are Mark Cuban, who owns American basketball outfit, Dallas Mavericks, and Snoop Dogg. Cuban particularly enabled Doge payment for the basketball club and now accepts payment for merchandise in the crypto. He also noted that the club would hold onto every single coin they receive in payment.

What happens when Dogecoin hits $1?

Doge investors are eager for their crypto to be valued at $1 as soon as possible. This means the market cap of the meme coin would be around $156 billion as the current 129.6 billion supply of the meme coin would have surged by 20 percent.

If Doge hits this milestone, it means the crypto would now be worth more than Citigroup, Morgan Stanley, Shell, among others.

Also, institutional investors could open short positions and stake on a price decrease for the asset, however. Dogecoin futures are not available for U.S based traders. It is also not listed on CME or BAKKT, translating to the fact that betting against the meme coin is impossible for professional traders.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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