The market capitalization of Dogecoin (DOGE), a meme-based cryptocurrency that started as a joke seven years ago, briefly passed that of major Japanese video game company Nintendo following a price rally.
According to data from AssetDash, the market cap of DOGE surged to $77.7 billion on Tuesday following a rally that took the price of the coin above $0.60 for the first time. This rally put the market cap of the project ahead of both cryptocurrency exchange Coinbase at $73.8 billion and Nintendo at $76.3 billion. Though the price of DOGE has since fallen to $0.53, its market cap is still above XRP’s, making it the fourth most valuable cryptocurrency, according to CoinMarketCap.
The rally follows the coin flippening Tether (USDT) on Monday after trading platform eToro announced it had integrated support for Dogecoin. On Tuesday, major crypto exchange Gemini followed suit, with co-founder Tyler Winklevoss calling DOGE “organic, irreverent, and fun.”
At the time of publication, Dogecoin’s market capitalization is $66.7 billion, with a wide gap between that of Binance Coin (BNB) at $96 billion and major United States-based companies including General Motors and FedEx. Should the token reach a price of $0.61, it would reach parity with the Bulgarian lev.