Dogecoin Overtakes Cardano, Hits $28 Billion Market Cap

IndustryTrends

Dogecoin, the meme-inspired cryptocurrency, soared to a new all-time high of $0.21 on Tuesday, surpassing Cardano in market capitalization.

Dogecoin's rally was fueled by a tweet from Tesla CEO Elon Musk, who posted a photo of a dog on the moon with the caption "Doge barking at the moon".

Dogecoin also benefited from the announcement of Coinbase, the largest U.S. crypto exchange, that it would list the coin on its platform in the next six to eight weeks.

Dogecoin's market cap reached $28 billion, making it the sixth-largest cryptocurrency by that measure, ahead of Cardano, which has a market cap of $26 billion.

Dogecoin's supporters, known as "shibes", celebrated the coin's milestone on social media, using hashtags.

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