Dogecoin’s price has seemingly risen without any pressure from prominent social media figures or major developments in the project.
According to data from CoinMarketCap, the price of Dogecoin (DOGE) is over $ 0.18 at the time of publication, with a market cap of approximately $ 23.8 billion. The token’s most recent rally had a price increase of more than 63% in the past 24 hours, passing both Uniswap (UNI) and Litecoin (LTC) to become the 8th largest cryptocurrency by market cap.
More outlets have adopted the currency as a means of payment in recent days. On Tuesday, a popular Miami nightclub announced it would accept DOGE upon reopening as payment for tables, drinks and merchandise.
Dallas Mavericks owner and DOGE advocate Mark Cuban too reported The basketball team’s store had sold more than 122,000 DOGE in merchandise – more than $ 16,000 at the time of publication – since the token’s initial acceptance in March. Cuban said the team will “never ever sell a single Doge.”
Although Tesla has CEO and DOGE enthusiast Elon Musk tweeted one of his memes amid the token price hike, the recent rally may simply reflect the climate around the crypto market. Mainstream media attention has largely focused on Coinbase’s COIN shares listed on the Nasdaq this week as both Bitcoin (BTC) and Ether (ETH) prices hit new all-time highs.