Dogecoin (DOGE) has continued its meteoric rise, gaining over 40% in the last 24 hours and touching an all-time high of $0.57 per unit on Tuesday. The meme-based cryptocurrency's market capitalization has now soared past $71 billion, surpassing the valuation of Honda Motor Company and capturing 3% of the entire crypto economy. This surge has notably eroded Bitcoin's market dominance, as DOGE's growing market cap chips away at BTC's share.
Staggering Gains and Market Metrics
According to data from CoinMarketCap, dogecoin has outperformed Bitcoin and Ethereum over multiple timeframes. In the past 24 hours, DOGE gained 41% against Bitcoin (BTC) and 51% against Ethereum (ETH) over the past week. Over the last 30 days, DOGE has skyrocketed 944% against the U.S. dollar and more than 1,000% against Bitcoin. The 90-day figures are even more impressive: a 1,508% rise against USD and over 900% against BTC.
Currently, there is $15.91 billion in global DOGE trading volume. Dogecoin now ranks as the fourth-largest cryptocurrency by market cap among over 9,000 crypto assets. Despite its inflationary supply—with 129.46 billion DOGE in circulation—the asset's affordability has attracted a massive retail following. Notably, a single DOGE address holds 36.71 billion coins (28.38% of total supply), making it the wealthiest dogecoin holder.
Celebrity Endorsements Fuel Rally
The latest rally was sparked by Tesla CEO Elon Musk's tweet about his upcoming appearance on Saturday Night Live on May 8, where he referred to himself as the "Dogefather." Musk has been a vocal supporter of dogecoin, and his SNL teaser sent the coin into overdrive. Dallas Mavericks owner Mark Cuban has also praised DOGE as a viable payment alternative to Bitcoin, citing its low unit price as a major advantage for mainstream adoption.
"Dogecoin continues to defy expectations within the crypto market. I believe that part of the reason is the hype that surrounds it, which comes from celebrities like Elon Musk and Mark Cuban," said Konstantin Boyko-Romanovsky, CEO and Founder of Allnodes. "Since the coin has an inflationary supply, it is affordable. Mark Cuban sees it as an alternative to Bitcoin for payment transactions. $60,000 for a single Bitcoin may be intimidating to some. In a way, Doge then is more like a USD but in a digital form."
Market Outlook
At the time of publication, DOGE is trading between $0.48 and $0.553 per unit, slightly off its recent ATH. While the rally appears driven by hype and social media trends, some analysts warn of a potential correction. However, with Musk's SNL performance just days away, the meme coin could see further volatility. Dogecoin's climb has captured the imagination of retail investors, but its long-term sustainability remains uncertain.