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.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
