Dogecoin’s $80 billion valuation now makes it bigger than these 10 well-known companies

Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies

  • Dogecoin's 13,000% rally in 2021 has made the meme-based cryptocurrency worth $80 billion.
  • These 10 well-known companies are now worth less than a shiba inu-inspired cryptocurrency.
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  • Dogecoin, a meme-inspired cryptocurrency that was started as a joke in 2013, is now worth $80 billion after a gravity-defying year-to-date rally of more than 13,000%, based off of Wednesday afternoon prices.

    The rally in Dogecoin was initially sparked by a series of tweets from Elon Musk earlier this year, as well as from Snoop Dogg, Gene Simmons, and Guy Fieri. An overall increase in demand for crypto among investors following bitcoin's surge to more than $60,000 and the direct listing of crypto-exchange platform Coinbase likely also helped support the continued rally in dogecoin.

    Now, traders are bidding up Dogecoin even higher, potentially in anticipation of Musk's hosting of Saturday Night Live this weekend. Even some congressman have gotten in on the dogecoin craze, with house member Mark Green disclosing that he purchased the cryptocurrency earlier last month.

    Dogecoin differs from bitcoin in that there is no hard limit on the total supply of coins. Bitcoin has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 129 billion coins outstanding, with 5 billion in new coins hitting the supply every year.

    Even the founder of dogecoin, Billy Markus, can't make sense of the surge in the coin he started as a joke. Markus told The Wall Street Journal in February, "The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense."

    Markus sold all of his dogecoins in 2015 and used the proceeds to purchase a Honda Civic, as even he couldn't foresee the outsized influence a shiba dog would have on people's investment decisions.

    Dogecoin's unlimited supply and the bewilderment of its founder hasn't stopped investors from piling into the meme token, making it now more valuable than these 10 well-known companies, based off of Wednesday afternoon prices.

    1. Nio

    Ticker: NIO
    Market Cap: $60.8 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies

    2. Colgate-Palmolive

    Ticker: CL
    Market Cap: $$68.0 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies

    3. Moderna

    Ticker: MRNA
    Market Cap: $68.2 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies
    Noubar Afeyan at the Moderna IPO.

    4. Activision Blizzard

    Ticker: ATVI
    Market Cap: $$69.4 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies

    5. Norfolk Southern

    Ticker: NSC
    Market Cap: $$72.4 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies
    Coal trains approach Norfolk Southern's Williamson rail yard in Williamson, West Virginia

    6. Dell Technologies

    Ticker: DELL
    Market Cap: $75.0 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies
    Dell CEO Michael Dell

    7. Sherwin-Williams

    Ticker: SHW
    Market Cap: $75.8 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies

    8. Duke Energy

    Ticker: DUK
    Market Cap: $76.6 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies
    A Duke Energy wind farm in Texas

    9. CSX Corporation

    Ticker: CSX
    Market Cap: $77.3 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies

    10. General Motors

    Ticker: GM
    Market Cap: $78.8 billion

    Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies
    2024 GMC Hummer EV SUV.

    Read the original article on Business Insider

    Source: markets.businessinsider.com

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