Dogecoin (DOGE) hit an all-time high of nearly $0.45 on Monday night, days ahead of Tesla Inc TSLA CEO Elon Musk’s scheduled appearance on “Saturday Night Live” where the joke cryptocurrency is expected to feature.
What Happened: The Shiba Inu-themed cryptocurrency hit an all-time high of $0.4499, before retreating 9.4% as of press time.
DOGE is up 6.92% in a 24-hour period and traded at $0.41 at press time. It has shot up 56% on a seven-day trailing basis.
The apex cryptocurrency Bitcoin (BTC), which hit an all-time high last month of $64,863.10, last month traded 1.31% lower at $56,620.90. BTC has since fallen 12.77% since its all-time-high levels.
See Also: How to Buy Dogecoin (DOGE)
In terms of year-to-date returns, the meme coin has far outpaced the largest cryptocurrency by market capitalization.
DOGE has returned 9,216.98% since 2021 began, while BTC’s returns comparatively pale at 96.61%.
Ethereum (ETH) continues to shoot for new highs as well, crossing the crucial $3,000 mark on Monday. At press time, it is up 10% at $3,296.25, recording its highest price against BTC since July 2018 at about 0.9595.
Why It Matters: On Monday, Musk remarked on Twitter that “the DOGEFATHER” would “definitely” feature in the comedy and variety show that airs on the Comcast Corporation’s CMCSA NBC.
The DOGEFATHER is a portmanteau of Dogecoin and the cult classic “The Godfather.”
The buzz surrounding DOGE has pushed it to become the fifth-largest cryptocurrency by market capitalization, which at press time stood at $53.06 billion. Stablecoin Tether (USDT) now sits below Dogecoin with a $42.17 billion market capitalization.
Brokerage eToro, set to go public in a SPAC deal with FinTech Acquisition Corp V FTCV, also announced Monday it was adding Dogecoin trading to its platform.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.