Dogecoin continues to post new price highs after rallying 23% so far on Wednesday and by over 50% in the last 24 hours.
At press time, the crypto is changing hands for around $0.66 after climbing to a record high of around $0.696 at 05:00 UTC on Wednesday, CoinDesk 20 data shows.
The meme cryptocurrency is now up an eye-watering 11,680% year to date and is up 1,017% over a 30-day period, according to data at Messari.
The DOGE project appears to have “remarkably strong fundamentals and powerful forces supporting its rise,” according to a report titled “Dogecoin: The Most Honest Sh*tcoin” from Galaxy Digital Research on Tuesday.
Galaxy Digital points to increased user adoption, analyzing various on-chain metrics to determine just how popular the crypto has become.
Galaxy Digital’s Alex Thorn, who heads research at the company, said in the report there were over 3.6 million addresses holding some amount of DOGE, with around 60% of the total supply having moved in 2021.
Its surging popularity now means DOGE has unseated XRP as the fourth-largest cryptocurrency by market capitalization on Messari and CoinMarketCap.
DOGE is now valued at around $88.8 billion in total, while XRP is placed sixth at around $53.8 billion, per Messari. For comparison, bitcoin remains king with a capitalization above $1 trillion.
By this metric, Dogecoin is now worth more than U.S. multinational delivery services company FedEx.
Growth and user adoption in the project have come from multiple angles this year. Multi-asset brokerage platform eToro added support for the cryptocurrency on Monday following strong demand from its clients. Gemini followed suit by announcing the coins listing on Tuesday.
Meanwhile, the likes of Tesla’s Elon Musk and billionaire investor Mark Cuban have continued to spur on its price and shine a light on what Galaxy Digital calls an “admirable project.”
As Thorn wrote, “People love a good joke.”