Dogecoin hit the headlines once again on Wednesday after yet another surge in value saw it reach fresh all-time highs and become the market’s fourth-most valuable crypto by market cap.
In late-morning trading in London on Wednesday, the meme-inspired crypto was up around 40% in the last 24 hours at US$0.68 with a market cap of US$87.3bn.
The jump sent Dogecoin streaking ahead of former number four crypto XRP, also known as Ripple, which currently has a market cap of around US$67bn.
However, the crack the top three Dogecoin will need to rise even higher to surpass Binance Coin, a token that can be used to trade cryptocurrency and pay fees on the Binance exchange, the largest crypto exchange in the world.
The latest ascent is another milestone in the stratospheric growth story of Dogecoin, which after being created as a joke crypto in 2014 exploded in popularity in early 2021. Since that start of the year, the value of the crypto has risen an eye-watering 13,500%.
However, it will need to go much further to challenge the crypto top dog, Bitcoin, which is currently sitting on a market cap of over US$1 trillion.