Dogecoin, a cryptocurrency has set new records as its market capitalization has outshone the market capitalization of Twitter Inc. The current market cap of DOGE reached around $62.07 billion, and the market cap of Twitter reached $43.59 billion at the time of writing. Furthermore, the Dogecoin DOGE, 32.18% run amok today after soaring 22% to set a new ATH price around $0.5. The earlier ATH was at $0.45, and DOGE went lower from there until backing was found at $0.25.
The cryptocurrency is expected to be soaring because Elon Musk is planned to show up on Saturday Night Live (SNL) this weekend. Musk has played an important role in helping Dogecoin setting a new record as he persistently Tweets about it over the past few months. Many are anticipating Musk to cite Dogecoin after requesting his Twitter following for “skit” ideas with Dogecoin zealots answering with their ideas.
Moreover, Dogecoin has made history as soared 30% on Tuesday to set a new record high at more than 50 cents per coin. The Shiba Inu dog-labeled cryptocurrency surged to $0.577 during European trading hours, surpassing the earlier record price of $0.47 registered on April 16. Though Dogecoin has surpassed the market cap of Twitter there is one more thing that is of great concern.
The concern is that the supply distribution of Dogecoin is pretty bad. 28% of the total delivery is clustered in just one wallet. Moreover, 47% of the total supply is clustered in just 12 wallets, with 67% of the total supply clustered in 90 wallets. But Dogecoin secured 5th position as it currently possessed a huge $62 billion market cap.