Dogecoin rises to a near 2.5-year high, surpassing the market value of Deutsche Bank

With the continuous activity in the cryptocurrency market, the price of Dogecoin has recently shown a significant increase. According to the Zhitong Finance APP, on Thursday, March 28th, the value of Dogecoin soared by nearly 15% to reach $0.2203, the highest point since November 2021. Over the past week, the price of Dogecoin has increased by 40%, and the year-to-date increase has reached 145%, rising by 191% over the past year.

This surge in price, apart from being influenced by Tesla CEO Elon Musk hinting at the possibility of accepting Dogecoin as a payment method for car purchases in the future, does not seem to have been directly driven by any other major news. However, the rise in Dogecoin's price is consistent with the overall upward trend in the cryptocurrency market, with part of the growth attributed to strong demand for the recent launch of Bitcoin spot ETFs and the upcoming Bitcoin halving event.

This price increase has pushed Dogecoin's market value to over $31 billion on Thursday, surpassing Deutsche Bank (DB.US). For a token that was originally created as a mockery of other cryptocurrencies, such a market value is undoubtedly a huge achievement.

Nevertheless, compared to the peak value of $75.2 billion that Dogecoin reached during the cryptocurrency market boom in 2021, the current market value still appears relatively small. Since then, the value of Dogecoin has dropped by 62%.

Despite the price decline, Dogecoin's position in the cryptocurrency market remains strong, currently ranking as the eighth largest cryptocurrency by market capitalization. This continued upward trend not only demonstrates traders' enthusiasm for speculative investments but also reflects the market's sustained attention and interest in Dogecoin as a unique cryptocurrency