Dogecoin Outperforms Coinbase Based On Market Cap
Since its establishment in 2013, the meme digital currency, Dogecoin, has achieved some remarkable milestones. The crypto asset has undergone several improvements, from its market utility to upgrades designed to scale its overall efficiency.
The Elon Musk Influence
The journey has not been rosy at its early stage, as skeptics criticized Dogecoin as a mere meme coin with no value like the other crypto assets. However, following the numerous contributions of Elon Musk, the owner of the electric car-making firm Tesla, Dogecoin saw remarkable progress.
Musk’s actions and support for DOGE have accelerated the asset’s utility and attracted more users to the network. It is worth noting that the billionaire has already adopted the meme token as a payment at Tesla for some selected merchandise.
He has previously recommended using DOGE as an alternative means of payment at McDonald’s, the largest fast-food chain in the United States. However, the fast-food giant declined to accept Musk’s request to integrate DOGE as a means of payment at any of its outlets.
Upon his acquisition of Twitter, the Dogecoin community expects the integration of the canine-themed coin on the popular social media platform to boost its utility. Last year, Dogecoin witnessed its highest achievement, with its native token recording its all-time price high in May.
In addition, it has continued its modest performance as 2022 comes to a close. As the crypto market continues to battle various economic factors, including the impact of the FTX debacle, most assets continue to trade at low prices.
Meanwhile, recent data from CoinMarketCap shows that DOGE has outperformed Coinbase’s native token, COIN, in market cap to rank as the eighth biggest crypto asset. In addition, DOGE’s current market capitalization stands at $9 billion, while COIN’s is $8 billion.
Moreover, the $1 billion difference between the two assets shows how far the meme coin has come in terms of mixing with the top 10 in the industry, which is a remarkable achievement.
Dogecoin has shown tremendous progress over the years, and the latest milestone is another step in the right direction. However, should Musk integrate the token into Twitter as a utility asset, DOGE will likely experience a sudden price spike.
Is A $0.20 Price Surge Likely?
Like other cryptos, DOGE’s value has declined significantly for most periods this year. The meme currency lost about 50% of its market value at the beginning of the year.
However, DOGE has managed to stand among other leading virtual assets. Elon Musk’s Twitter takeover would likely boost its value more. Though DOGE struggled to surpass its all-time high of May 2021, its current market performance indicates a likely price reversal. As a result, the likelihood of achieving a $0.20 price is on the horizon.
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