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Dogecoins Are Now Worth More Than $50 Billion, Making Them More Valuable Than These Top American Manufacturers

What started off as a joke is now being taken seriously by a growing number of investors.

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Dogecoin's total market value of nearly $50 billion makes it bigger than the market cap of some of America's top manufacturers, according to Bloomberg

In the past week, the digital currency — modeled in 2013 after the popular "Doge" meme — has spiked 400% and become one of the top 10 cryptocurrencies in the market. Its $50 billion market cap almost rivals that of Twitter ($54.3 billion) and places it above Ford Motor Co. ($48.3 billion), Bloomberg reports.

Related: Dogecoin Maybe Worth More Than $1 At The End Of 2021

Dogecoin continued to climb in the early hours of Tuesday, 4/20, with many fans using #DogeDay to celebrate the smoking of marijuana. As of this writing, however, it has since dipped down to 34 cents per token. 

In recent months, Dogecoin has been gaining steam due to support from companies like Slim Jim and tech figures like Elon Musk. Still, several investors have expressed concerns that the digital currency's spike could cause a potential bubble

Justin Chan

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Entrepreneur Staff

Justin Chan is a news writer at Entrepreneur.com. Previously, he was a trending news editor at Verizon Media, where he covered entrepreneurship, lifestyle, pop culture, and tech. He was also an assistant web editor at Architectural Record, where he wrote on architecture, travel, and design. Chan has additionally written for Forbes, Reader's Digest, Time Out New YorkHuffPost, Complex, and Mic. He is a 2013 graduate of Columbia Journalism School, where he studied magazine journalism. Follow him on Twitter at @jchan1109.