Dogecoin hit another new all-time high last night, breaking the $0.45 mark as investors continue to try and take the cryptocurrency ‘#ToTheMoon’.
Online trading platform Binance reported that Dogecoin reached a new high of $0.45199 shortly after 11pm UK time (6pm EST), before falling back below $0.44. The cryptocurrency is currently up 14.25% over the past 24 hours.
Reports also suggest that May 3 saw Dogecoin once again shoot over a $53 billion market cap, leapfrogging Twitter’s estimated $43.59 billion value.
The new benchmark continues a record-breaking year for Dogecoin, which in 2021 has even outpaced the growth of larger cryptocurrencies like Bitcoin, with its market cap up 9,216.98%, according to Benzinga.
Known by its supporters as ‘the people’s crypto’, in recent months buzz surrounding Dogecoin has propelled it to become the fifth largest cryptocurrency, largely thanks to campaigns on social media platforms like Reddit and Twitter.
And in the coming days Dogecoin could be set to reach an even bigger audience, with its most high-profile supporter Elon Musk last night hinting that he could make a reference to the cryptocurrency when he hosts Saturday Night Live this weekend.
Asking his Twitter followers for skit ideas on Monday, in reply to someone who suggested he should do ‘summin about The DOGEFATHER‘ Musk suggested that his well publicised love for Dogecoin would ‘definitely’ feature, leaving the currency’s backers excited by the prospect that their campaign could be about to go mainstream.
Looking ahead, Dogecoin backers already have their sights firmly set on breaking the $0.50 barrier, an achievement that would cap off an unprecedented six months for the meme-based cryptocurrency.