Elon’s favorite Dogecoin has rallied more than 500% in the past 10 days, resulting in a $50 billion market capitalization that eclipses ING, Barclays, and Credit Agricole.
In the past 10 days, an overwhelming response for DOGE has been reported. Rallying more than 500% to a new all-time high at $0.45, the powerful wave of Dogecoin is experienced with a market capitalization over the well-established financial institutions like ING, Barclays, and Credit Agricole.
Dogecoin Hits a Record High Market Capitalization of $50b
Known as the meme-driven cryptocurrency, the push can be seen as a consequence of multiple Twitter posts from Elon Musk, CEO of Tesla and SpaceX. Apart from this, the fundamental behind the meteoric price surge is the owner of Dallas Mavericks, Mark Cuban, who has also publicly defended DOGE. from the latest, the Dallas Mavericks even accepts Dogecoin for their merchandise sales.
On one side, the Dogecoin community is constantly targeting $1, it is observed that many will fail to acknowledge that the current 129.6 billion supply will grow by 20% in five years.
Thus, calculating $1 per 1 DOGE summarizes $156 billion of market capitalization. This market capital is double the current valuation of Binance Coin (BNB).
The proposed outrageous $1 target can be analyzed by 92 tradable assets surpassing a $156 billion market cap. Morgan Stanley, Citigroup, Unilever, and Shell are all $150 billion market-cap companies. And therefore, would be below Dogecoin if somehow its fanbase manages to push its value above $1.
Dogecoin still not Popular with Crypto Exchanges
It is to note that institutional investors can bet on the price decrease in assets. open short positions and bet on a price decrease in those assets, whereas Dogecoin futures are not available for United States-based traders. The listing is neither available on CME nor Bakkt, which means that the options of betting against DOGE are no longer available for professional traders.
The Dogecoin investors might make history by reaching $1, but this valuation is unlikely to hold as institutional traders get a hold of shorting instruments.
Gamestop rally of a surge at the beginning of this month is a clear example of choosing alternatives with the growth of the crypto market. Even though Gamestop has been unable to generate a profit over the past six years, the insanity in the market is driving the capitalization over $24 billion.