The Inu Shiba dog meme-based coin is now bigger than both Kraft Heinz Co. and Ford Motor Co. This happened after a 400 percent rally that happened in the past week. According to CoinMarketCap, the amount of Dogecoins in circulation is worth about $50 billion. Its market capitalization is therefore larger than that of Kraft and Ford and very close to that of Twitter.
Dogecoin was created by software engineers Billy Markus and Marcus Palmer as a joke on the 6th of December 2013. Dogecoin has been in existence for quite a long time but only just recently started to make wave in the cryptoverse after Technoking and Tesla CEO; Elon Musk tweeted about it. Since then, the coin has seen some rapid growth in adoption.
For something that started as a joke, Dogecoin has seen some massive growth and its market capitalization which is now bigger than that of Kraft Heinz Co. and Ford Motor Co., shows that it is far from being a joke. The boom in Dogecoin (and cryptocurrency in general) has taken Wall Street by a storm.
Dogecoin, since its new rise that can be attributed mostly to Elon Musk’s influence, has seen some highs and lows but the steady growth that it has witnessed cannot be overlooked. The price of Dogecoin surged once more as fans took to social media to celebrate April 20, or 4/20 known in the cannabis culture as a day for smoking marijuana with the hashtag- #DogeDay.
Antoni Trenchev, the co-founder of crypto-lending platform Nexo said that “there’s a tribe of investors, many of them millenials, who see it as a cause, a movement. Dogecoin is symptomatic of the zeitgeist happening before our very eyes”.
Experts say Dogecoin will continue to increase if the controversy and support from fans continue to rise.