Dogecoin (DOGE), a cryptocurrency based on a popular meme that boasts low-fee transactions and a scalable network, recently surpassed the market capitalization of Zcash (ZEC), one of the top privacy coins.
Over the past 24 hours, DOGE has surged more than 13%, adding roughly $78 million to its market cap. Now, Dogecoin is valued at $667 million, almost $40 million more than the market cap of Zcash, which stands at $631 million.
The major driver behind the price surge in DOGE was its recent demo of Dogethereum, an experimental effort to bring dogecoin to the Ethereum blockchain, enabling the use of Dogecoin with Ethereum smart contracts through a new DOGE-backed Ethereum token.
Yes, the demo was a success! You can watch the whole thing at https://t.co/nHeRq1TRvA – it's very technical, but I do talk about my plans at the end. – Ross
— Dogecoin Developers (@dogecoin_devs) September 5, 2018
Adding to its momentum, Dogecoin was also recently featured in Forbes, in an article discussing the cryptocurrency’s relative decentralization and meteoric rise in price from its early days as a joke-coin.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.