Dogecoin today set another new ATH of $0.736 rising over 20% to regain most of the losses from the past week. The meme currency has defied all odds to register new ATHs and even make it to the top-5 cryptocurrency list by market cap and if the current price momentume continues it would overtake Binance Coin for the third spot today itself.
Doge’s current market cap is $92.4 billion while Binance Coin’s current market cap stands at $97 billion and chances are the meme currency could be only behind Ethereum and Bitcoin to take the third spot. From being a meme currency to becoming the thrid largest digital asset by market cap is quite a feat for the digital asset.
The Doge bull run is being fueled by social media frenzy especially TikTok because of which Doge trading volume on most of the mainstream crypto exchnages including Binance has skyrocketed in the recent times.
Elon Musk SNL Skit Fueling the Current Doge Bull Run
Elon Musk, the serial enterpenaur and the unofficial CEO of Dogecoin is the reason behind the recent price pump as he has teased his SNL appearence set for today with a Doge Twist. While Musk had earlier cautioned investors about crypto investment, his continuous shilling of the meme currency has become a trend of sort. In fact, one particular analysts started buying Doge everytime Musk tweets about it and he has made quite a profit from the phenomenal run of the Dogecoin.
While Musk’s tweet has fueled Doge prices time and again, his company Tesla had purchased $1.5 billion in Bitcoin in Feburay and sold 10% of the holdings to extend their profit for the first quarter. On the other hand Dogecoin has also being actively added by many mainstream as a form of payment, and Doge community beleive that should be a sign of growing adoption of the meme currency.
As Elon Musk is set to take center stage on SNL today, many Doge investors beleive the digital asset could easily surpass $1 price today.