Dogecoin has made an impressive rally in the past 24 hours to rank as the 10th-largest cryptocurrency.
Popular memecoin Dogecoin (DOGE) has overtaken Polkadot (DOT) to become the world’s 10th-largest cryptocurrency by market capitalization.
At press time, Dogecoin’s market value currently sits around $11 billion while Polkadot’s market cap is currently around $9.2 billion.
Dogecoin achieved the feat after rallying nearly 10% in the late hours of yesterday, following reports that the cryptocurrency will soon be used to purchase merchandise on SpaceX.
Both cryptocurrencies recorded slight gains in the hours leading up to press time. While Dogecoin is changing hands at around $0.82 and up 8% in the last 24 hours, DOT is trading at $9.39 with an 8.5% surge within the same time.
It is noteworthy that Dogecoin has been behind Polkadot for weeks and only made a significant move to overtake the cryptocurrency after Elon Musk, the CEO and founder of Tesla, said SpaceX will soon support DOGE payments.
Musk’s Contribution to Dogecoin’s Growth
Meanwhile, Musk has contributed immensely to the massive growth of Dogecoin in the past year. Musk is one of the pioneers who pushed the memecoin to an all-time high (ATH) of over $0.7.
Despite the cryptocurrency recording a major correction since it peaked at an all-time high of $0.7, Musk has not failed to throw his weight behind the token.
Musk’s undying love and support for the cryptocurrency recently raised concerns from one of Ripple’s attorneys, who fears that he could be charged by the SEC if Dogecoin is declared an investment contract.