One-time disregarded meme coin Dogecoin (DOGE) has thrown many investors in disbelief, replacing XRP as the fourth-largest coin early Monday.
Dogecoin Rally Continues
The digital asset created in 2013 as a parody to Bitcoin has risen to a new ATH of $0.43 early Monday, according to Coinmarketcap.
This means that the meme coin has extended its previous week’s rally of $340%.
Dogecoin has relegated the payments-focused XRP as the fourth-largest cryptocurrency following its new ATH to market capitalization.
During the period, Doge’s market capitalization was above $54 billion, according to Messari.
On the other hand, XRP’s market value stood at $53.4 billion with a market price of $1.41.
Most importantly, Bitcoin remains the largest cryptocurrency with a market cap of $1.05 trillion.
Doge’s incredible rally in recent days has shocked many analysts who have predicted new price expectations for the digital token before the end of 2021.
According to betting website us-bookies’ prediction on the meme token, there is a 17% possibility of the Shiba Inu rallying to $1 against the initial 2.9% prediction made in early April.
To celebrate this impressive rally of the digital coin, some crypto enthusiasts on Twitter have declared April 20 as “Dogeday.”
Also, the ‘Dogeday’ is otherwise called “Elon Musk Day” due to the Tesla CEO’s strong support for the cryptocurrency through his various posts on Twitter.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Unsurprisingly, Dogecoiners like Pavilion Gold, Sidney Croin, and others have tweeted that the coin may hit 69 cents today.
At press time, the Dogecoin market price stands at $0.4.
Driving Force Behind Doge Rally
Besides Elon Musk’s support of Dogecoin, the increasing adoption of the meme-based cryptocurrency by many institutional and retail investors is responsible for the higher rally of the coin.
The Dallas Mavericks announced that the basketball team would soon commence accepting the Shiba Inu-represented cryptocurrency as a form of payment for its merchandise.
CEO of Dallas Maverick, Mark Cuban, explained that the acceptance of Doge would be facilitated by a cryptocurrency payment services provider Bitpay.
In this regard, merchants and customers will be able to use the coin to make purchases.
Similarly, Automated Teller Machine (ATM) provider CoinFlip disclosed that DOGE can now be purchased across its 1,800-machine network, thereby giving the crypto a huge boost.
Meanwhile, the leading tech-focused e-retailers company Newegg announced support for Dogecoin payments on Newegg.com.
Additionally, many retail investors are not backtracking in buying the meme cryptocurrency.