The joke cryptocurrency Dogecoin (DOGE) touched a fresh all-time high in the early hours of Wednesday, crossing the much sought-after 69 cent mark.
What Happened: DOGE touched $0.6953 minutes before press time. The meme cryptocurrency now has a market capitalization of $89.70 billion, which it puts ahead of Snap Inc (NYSE:SNAP), which has a valuation of $84.98 billion and General Motors Company (NYSE:GM), which has a market cap of $80.24 billion.
Gilead Sciences, Inc (NASDAQ:GILD) and FedEx Corporation (NYSE:FDX) are some other large companies that are trailing the Shiba Inu-themed coin in terms of market cap.
DOGE has skyrocketed 13,955.4% since the year began, leaving behind Bitcoin (BTC) and Ethereum (ETH) in terms of year-to-date gains. BTC has risen 87.84% and ETH 342.75% since the year began.
At press time, BTC traded 3.2% lower at $54,268.39, while ETH traded 4.04% lower at $3,244.69.
DOGE’s current rally gained momentum after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk tweeted the portmanteau “Dogefather” on Apr. 28 and linked it with his hosting of “Saturday Night Live.”
Why It Matters: The 69-cent level, apart from its sexual connotations, is significant because the so-called “Doge Army” tried to pump the coin to that mark on “Doge Day.”
See Also: Dogecoin, ‘The Most Honest Sh*tcoin,’ Has Remarkably Strong Fundamentals, Concludes Galaxy Digital Research
Doge Day was declared to be on Apr. 20 by members of the community attached to the cryptocurrency. The date itself is linked to the number 420, which is associated with the smoking of cannabis.
Investors on social media meanwhile are gunning for ever-higher new highs with loftier valuations.
Screenshots Of Price Discussions On r/Dogecoin, A Reddit Discussion Forum
DOGE was second in terms of trending tickers on Stocktwits list of top 10 trending streams, the top spot was taken by Ethereum Classic (ETC), which traded 47.08% higher at $78.95 at press time.
