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.
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.
Entrepreneur Editors' Picks
-
This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.
-
Have You Ever Obsessed Over 'What If'? According to Scientists, You Don't Actually Know What Would Have Fixed Everything.
-
After He Was Fired From the UFC, This Former Fighter Turned His Passion Into a Thriving Business
-
Most People Don't Know These 2 Things Are Resume Red Flags. A Career Expert Reveals How to Work Around Them.
-
How One Woman Turned Pandemic-Induced Boredom and a Makeshift Garage Art Studio Into a Thriving Franchise
-
Use These 4 Self-Care Rituals for More Resilience and Less Depletion
-
Shark Tank's Barbara Corcoran Wants to Invest in 'Someone Who Probably Needs a Good Shrink Instead of a Business'
