TL;DR Breakdown
- Doge market cap hit $50 billion
- What will happen when Doge trades at $1
In the past days, the price of Dogecoin has gained over 500 percent, making the meme coin hit a new all-time high price and market capitalization tank to $50 billion.
Dogecoin, even after it experienced a 15 percent correction during the week, the Prix surge of the coin could not be stopped catapulting it to new ATH and ultimately the $50 billion market cap. The meme coin now values more than global firms like Barclays, Credit Agricole, and ING.
The coin, however, has Elon Musk to thank for the price surge mainly and a host of other public figures. Musk, CEO of Tesla and the second richest man globally, has been very supportive of the meme coin.
Other top shots behind the success recorded so far by Doge are Mark Cuban, who owns American basketball outfit, Dallas Mavericks, and Snoop Dogg. Cuban particularly enabled Doge payment for the basketball club and accept people paying for merchandise in the crypto. He also noted that the club would hold onto every single coin they receive in payment.
What happens when Dogecoin hits $1?
Doge investors are eager for their crypto to be valued at $1 as soon as possible. This means the market cap of the meme coin would be around $156 billion as the current 129.6 billion supply of the meme coin would have surged by 20 percent. That way, the coin would tank or even double the value of Binance Coin.
If Doge huts this milestone, it means the crypto would now be worth more than Citigroup, Morgan Stanley, Shell, among others.
Also, institutional investors could open short positions and stake on price decrease for the asset, however. Dogecoin futures are not available for U.S based traders. It is also not listed on CME or BAKKT, translating to the fact that betting against the meme coin is impossible for professional traders.
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Source: https://www.cryptopolitan.com/dogecoin-price-surge-to-50-billion/
