The market capitalization of joke cryptocurrency Dogecoin (DOGE) has briefly surpassed that of Southwest Airlines, the largest low-cost carrier airline in the world, after soaring over 300 percent this week.
Dogecoin reached a new all-time high of $0.298 at 2:35 a.m. UTC on the Binance exchange, with its market cap eclipsing $39 billion. The cryptocurrency inspired by the "Doge" internet meme remains significanlty bigger than Litecoin (LTC) and Uniswap (UNI), firmly holding onto its eighth place on CoinMarketCap. Its market cap is now bigger than that of Ethereum one year ago.
Alex DovbnyaAs reported by U.Today, the most recent monster move was supercharged by yet another tweet from Tesla CEO Elon Musk.
The WallStreetBets Reddit group temporarily lifting the ban on cryptocurrency discussions before swiftly reinstating it again might have also contributed to Dogecoin's resurgence.
DOGE is up over 5,000 percent in 2021, dwarfing Bitcoin's seemingly impressive gains over the same time period.
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Arman Shirinyan
Dan Burgin
Vladislav Sopov