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The news also comes as DOGE supporter Elon Musk is set to boost the token’s price during his Saturday Night Live appearance this week.
The market capitalisation of meme-based cryptocurrency Dogecoin (DOGE) has already surpassed those of Twitter, Ford, and now Tether.
According to AssetDash numbers, the market cap of Dogecoin is $52.5 billion, which is more than $400 million higher than the market cap of Tether (USDT), which is $52 billion. The token has now exceeded the market capitalizations of Ford and Twitter, which are $45.1 billion and $43.1 billion, respectively. DOGE’s price has risen for the past week as a result of the announcement by crypto-friendly trading site eToro that it will begin listing Dogecoin.
A spokeswoman for eToro told Cointelegraph that the site had added DOGE “due to strong customer demand.” The token will now be purchased and sold by the platform’s 20 million users.
Whether due to eToro’s integration, pushes from the DOGE Army on social media, or mentions from prominent Dogecoin proponents like Tesla CEO Elon Musk or Shark Tank star Mark Cuban, the price of DOGE has rallied significantly this week. At the time of publication, the price of Dogecoin is $0.41, having risen more than 57% in the last seven days.
Some speculate that the rally is in response to Musk’s upcoming appearance as the host of Saturday Night Live, with Musk hinting that he would star in a comedy sketch titled “The Dogefather.” Nonfungible tokens were previously included on the show in a rap skit starring Kate McKinnon as U.S. Treasury Secretary Janet Yellen, in which musical guest Jack Harlow presented the most succinct detail on the technology. Miley Cyrus, who is set to perform during the episode, could do the same for DOGE.
DOGE, which was developed as a prank, is known to be vulnerable to social media chatter, especially Tweets from Tesla CEO Elon Musk. Last month, pro-Dogecoiners seemed to try to boost the token’s price by making the hashtag “#DogeDay” trend the week of April 20. On his show Real Time with Bill Maher on Friday, comedian Bill Maher discussed DOGE, referring to it as “Easter Bunny cartoon cash.”