What Happened: The joke cryptocurrency has risen 10.8% in the past 24 hours to $0.4245 at press time, giving it a market capitalization of $54.64 billion. In comparison, Honda has a market capitalization of $54.52 billion as per Monday’s close.
The event is significant as Dogecoin co-creator Billy Markus recently revealed that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost at that time.
Markus clarified in an interview with Benzinga in March that he actually never purchased a used car by selling his cryptocurrency holdings for nearly $10,000 in 2015, but used it to pay rent.
Emerson has a market valuation of $54.56 billion and Vodafone has a market valuation of $54.18 billion, as per Monday’s close.
Why It Matters: Dogecoin hit an all-time high on Monday just days ahead of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s scheduled appearance on “Saturday Night Live” where the joke cryptocurrency is expected to feature. Musk is a big supporter of Dogecoin.https://eef2bd4d1538b706435c1990a39527ad.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
The Shiba Inu-themed cryptocurrency is now the fifth-largest cryptocurrency by market cap, as per CoinMarketCap data.
The apex cryptocurrency Bitcoin (BTC), which hit an all-time high last month of $64,863.10, is down 3.5% in the past 24 hours at $55,757.48.
In terms of year-to-date returns, the meme coin has far outpaced the largest cryptocurrency by market capitalization. DOGE has returned year-to-date gains of 8,792.74%, while BTC’s returns comparatively pale at 91.29%.