As the cryptocurrency's recovery continues, the price of dogecoin, a meme-based token with the Shiba Inu as its mascot, has surged.
As of press time, Dogecoin surged 18.76% to $0.2203 on Thursday (March 28), hitting its highest level since November 2021. The cryptocurrency token is up 40% in the past week, 145% year to date, and 191% over the past year.
Aside from Tesla CEO Elon Musk hinting that customers might one day be able to buy cars with Dogecoin, there has been no substantive news related to Dogecoin recently.
Dogecoin’s rise is in line with the overall upward trend in cryptocurrencies, driven by strong demand for the recently launched spot Bitcoin ETF and rising ahead of next month’s Bitcoin halving event.
The price surge pushed Dogecoin’s market cap to just over $31 billion on Thursday afternoon, putting it just above Deutsche Bank, the world’s eighth-largest bank with more than $1.3 trillion in assets under management.
That’s an impressive valuation for a cryptocurrency that was created as a mockery of other cryptocurrencies.
But that still pales in comparison to the peak of $75.2 billion that traders valued during the 2021 cryptocurrency boom.
Since then, the price of Dogecoin has fallen by 62%.
Despite the sharp price drop, Dogecoin remains the eighth-largest cryptocurrency by market cap, and its continued rise is a sign of the current risk appetite among traders.
