Dogecoin’s $80 billion valuation now makes it bigger than these 10 well-known companies

General Motors headquarters Detroit

Dogecoin, a meme-inspired cryptocurrency that was started as a joke in 2013, is now worth $80 billion after a gravity-defying year-to-date rally of more than 13,000%, based off of Wednesday afternoon prices.

The rally in Dogecoin was initially sparked by a series of tweets from Elon Musk earlier this year, as well as from Snoop Dogg, Gene Simmons, and Guy Fieri. An overall increase in demand for crypto among investors following bitcoin’s surge to more than $60,000 and the direct listing of crypto-exchange platform Coinbase likely also helped support the continued rally in dogecoin.

Now, traders are bidding up Dogecoin even higher, potentially in anticipation of Musk’s hosting of Saturday Night Live this weekend. Even some congressman have gotten in on the dogecoin craze, with house member Mark Green disclosing that he purchased the cryptocurrency earlier last month.

Dogecoin differs from bitcoin in that there is no hard limit on the total supply of coins. Bitcoin has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 129 billion coins outstanding, with 5 billion in new coins hitting the supply every year.

Even the founder of dogecoin, Billy Markus, can’t make sense of the surge in the coin he started as a joke. Markus told The Wall Street Journal in February, “The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn’t make sense.”

Markus sold all of his dogecoins in 2015 and used the proceeds to purchase a Honda Civic, as even he couldn’t foresee the outsized influence a shiba dog would have on people’s investment decisions.

Dogecoin’s unlimited supply and the bewilderment of its founder hasn’t stopped investors from piling into the meme token, making it now more valuable than these 10 well-known companies, based off of Wednesday afternoon prices.

1. Nio

Ticker: NIO
Market Cap: $60.8 billion

NIO EP9 electric car is displayed at its store in Beijing

2. Colgate-Palmolive

Ticker: CL
Market Cap: $$68.0 billion

colgate-palmolive

3. Moderna

Ticker: MRNA
Market Cap: $68.2 billion

Moderna IPO.JPG
Noubar Afeyan at the Moderna IPO.

4. Activision Blizzard

Ticker: ATVI
Market Cap: $$69.4 billion

Activision

5. Norfolk Southern

Ticker: NSC
Market Cap: $$72.4 billion

Coal trains approach Norfolk Southern's Williamson rail yard in Williamson, West Virginia at the border of Pike County, Kentucky May 13, 2015. REUTERS/Valerie Volcovici
Coal trains approach Norfolk Southern’s Williamson rail yard in Williamson, West Virginia

6. Dell Technologies

Ticker: DELL
Market Cap: $75.0 billion

Dell CEO Michael Dell
Dell CEO Michael Dell

7. Sherwin-Williams

Ticker: SHW
Market Cap: $75.8 billion

Sherwin-Williams

8. Duke Energy

Ticker: DUK
Market Cap: $76.6 billion

A Duke Energy wind farm is pictured in Notrees, Texas
A Duke Energy wind farm in Texas

9. CSX Corporation

Ticker: CSX
Market Cap: $77.3 billion

csx trains

10. General Motors

Ticker: GM
Market Cap: $78.8 billion

2024 GMC Hummer EV SUV.
2024 GMC Hummer EV SUV.

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Dogecoin soars another 40% to a fresh high – with one analyst saying Elon Musk’s upcoming SNL appearance is driving buying

Elon Musk
Tesla CEO Elon Musk has been a key driver of dogecoin.

Dogecoin continued its red-hot rally on Wednesday, rising more than 40% to a new all-time high near $0.70.

Edward Moya, senior market analyst at trading platform Oanda, said it seemed people were piling into the asset ahead of Elon Musk’s upcoming appearance on Saturday Night Live on May 8.

Musk’s pro-doge tweets have been one of the main drivers of the breakneck rally, and traders do not want to miss out on any SNL-based price action, Moya said.

The Shiba Inu-themed token smashed through the $0.50 mark on Tuesday for the first time after the eToro exchange said it would add the option to trade the meme cryptocurrency, opening it up to its 20 million users. Gemini, the crypto exchange founded by the Winklevoss twins, followed suit on Tuesday.

Dogecoin was up 32% to $0.66433 as of 8.10 a.m. ET on Wednesday, according to CoinGecko, having earlier hit a record high of $0.68602.

“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live,” said Oanda’s Moya.

He said he thought Musk is likely to have a sketch about cryptocurrencies that could go viral, driving up prices. Musk has already hinted at such a sketch, tweeting on April 28: “The Dogefather. SNL May 8.”

But analysts at Mike Novogratz’s Galaxy Digital argued in a research report that Elon Musk is not the only thing behind dogecoin’s rapid rise.

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000

Dogecoin’s appeal lies in the fact that it is a joke “mocking a frothy market with its playful indifference,” the report said.

The cryptocurrency had risen 1,047% over the 30 days to Wednesday and 26,623% over the last year, CoinGecko’s data showed.

However, the more traditional parts of the financial world are far more skeptical about dogecoin. Many analysts have warned potential investors that it is simply a huge bubble in an asset with no use cases.

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Billionaire investor Mike Novogratz admits he was too negative about dogecoin, which his firm says should not be ignored

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Michael Novogratz is the founder and chief executive of Galaxy Digital.

Crypto superstar Mike Novogratz has said he was too negative about dogecoin in the wake of the meme token’s blistering rally.

The billionaire CEO of crypto investment firm Galaxy Digital had long dismissed dogecoin as merely a joke. He criticized Mark Cuban for selling Dallas Mavericks tickets and merchandise in DOGE and last week told people not to buy it.

But on Monday evening he tweeted: “I had been too bearish. Glad I’m not short.”

Novogratz also shared a report by Galaxy Digital’s research arm that said dogecoin “has remarkably strong fundamentals and powerful forces supporting its rise.” It added: “DOGE should not be ignored.”

The report follows a breakneck rally in dogecoin, a cryptocurrency that was created as a joke in 2013. Dogecoin was up 35% on Wednesday to $0.64552, according to CoinGecko, after touching a record high of $0.68602.

It smashed through the $0.50 barrier on Tuesday after exchanges eToro and Gemini on Tuesday said they would launch dogecoin trading.

By Wednesday morning it had risen 1,015% over 30 days and 25,860% over a year, making it the fourth-biggest cryptocurrency by market size at $83.46 billion.

Novogratz’s Galaxy Research concluded in its report that dogecoin remains deficient to bitcoin – the world’s biggest cryptocurrency – in many ways.

“The network’s immaturity is revealed in qualitative factors like a lack of infrastructure and development,” it said, adding that dogecoin’s unlimited supply and lack of use cases dented its appeal.

But it also argued dogecoin is an admirable project that is capable of rallying significant support.

Dogecoin’s appeal lies in the fact that it is a joke “mocking a frothy market with its playful indifference,” the report said.

“In our view, current dogecoin volatility is fueled by mania, but it is likely that dogecoin will continue to be part of this cryptocurrency story over the long run, always in bitcoin’s shadow, but always lurking and periodically outperforming to surprise us all.

“Dogecoin’s longevity is ensured so long as one truism remains: people love a good joke.”

However, many analysts have warned dogecoin and other so-called altcoins remain speculative and highly risky investments.

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Gemini announces customers can now trade dogecoin and says the meme token is ‘no joke’

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Dogecoin was started as a joke in 2013.

  • Gemini said customers can trade dogecoin starting on Tuesday, a day after eToro added the meme-based coin to its platform.
  • Gemini joins a growing list of platforms showing support for the meme token from Coinbase to Kraken.
  • Dogecoin jumped to a new all-time high above $0.58 on Tuesday.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cryptocurrency exchange Gemini said its customer can trade dogecoin starting Tuesday, joining a growing list of platforms showing support for the meme-inspired cryptocurrency that was started as a joke in 2013.

“Dogecoin is the people’s money,” Tyler Winklevoss, Gemini CEO, said in a statement. “It’s organic, irreverent, and fun.”

He said he acknowledged that dogecoin is a meme coin, but that money also operates like a meme.

“Over the multi-millennia history of money, the majority of money (be it shells, beads, precious metals, etc.) has been what we the people say it is and believe it is,” he said.

The move by Gemini to add dogecoin comes after trading platform eToro added the meme cryptocurrency Monday.

Gemini, founded in 2014, offers over 40 cryptocurrencies for trading.

Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Robinhood in April lowered its minimum dogecoin order size to one coin from 10 coins as the meme-based asset’s popularity shot to new heights.

Dogecoin this year has seen a blistering rally, thanks in part to well-known backers such as Elon Musk, Mark Cuban, rapper Snoop Dogg, and Kiss member Gene Simmons.

But some, such as billionaire and bitcoin bull Mike Novogratz, don’t believe the hype.

“No, you shouldn’t buy dogecoin,” he said in an April interview with Earn Your Leisure. “You should sell dogecoin probably now that it’s gone up to 42 cents. But there’s a lot of uneducated investors that feel the energy of this moment and want to participate.”

As of Tuesday, dogecoin jumped to a new all-time high above $0.58, soaring more than 19,200% over the last year and 760% over the last 30 days. It boasts of a $70 billion market capitalization as of Tuesday, making it the fourth largest cryptocurrency, just after bitcoin, ether, and Binance coin, according to CoinGecko.

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000

While dogecoin protocol issues a fixed amount of 5 billion tokens every year, Winklevoss said this fixed and annual issuance will represent a much smaller percentage of dogecoin’s overall money supply.

“In other words, Dogecoin’s money supply is disinflationary,” Winklevoss said, comparing it to ether. “Recently, demand for dogecoin has outstripped its supply. As a result, its price has been mooning.”

The Shiba Inu-themed token has also benefitted from huge amounts of stimulus from governments and during the COVID-19 crisis as well as pandemic-stricken boredom in retail investors.

“Momentum in online forums has caused a flurry of investment as people aim to pump doge to the price of $1,” said Ben Weiss, CEO at CoinFlip, which itself added dogecoin to its network in March.

But Weiss added: “Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency.”

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Much wow: Dogecoin jumps 26% to record high after eToro exchange adds the token for its 20 million users

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eToro’s move to launch dogecoin trading boosting the cryptocurrency.

Dogecoin jumped more than 26% to a new all-time high above $4.88 on Tuesday after trading platform eToro added the meme cryptocurrency, opening it up to its 20 million users.

The Shiba Inu-themed digital asset was also boosted by a break into Major League Baseball, with the Oakland A’s accepting dogecoin as payment for tickets.

Dogecoin was 25.9% higher as of 7.20 a.m. ET at $0.48547, having earlier hit an all-time high of $0.48813, according to CoinGecko.

The meme cryptocurrency, which was started as a joke in 2013, has soared more than 19,200% over the last year and 760% over the last 30 days. Its market capitalization stood at more than $60 billion on Tuesday.

Dogecoin has ridden the cryptocurrency wave, which analysts say has been driven by huge amounts of stimulus from governments and central banks during the COVID-19 crisis.

Celebrity endorsements have also been central to the rise of dogecoin. In particular, regular tweets from Tesla’s chief executive Elon Musk have helped support the asset.

But eToro’s decision to add dogecoin trading to its platform sparked the latest leg higher. The brokerage is looking to expand its offerings as it prepares to go public via a special-purpose acquisition company in a $10.4 billion deal.

eToro said it had added dogecoin due to strong customer demand, with millennial and Gen Z investors having warmed to the irreverent cryptocurrency in defiance of mainstream financial opinion. The exchange said its 20 million global registered users will now be able to invest in the token.

Optimism around dogecoin also grew after the Oakland Athletics Major League Baseball team said it had started accepting dogecoin as payment for tickets. Oakland A’s president Dave Kaval said on Twitter the team had already processed dogecoin transactions, which he said were the first in Major League Baseball history.

eToro sung dogecoin’s praises in a statement on Monday, saying it is “one of the fastest blockchain networks to transact on, thanks to its one-minute block intervals.”

But many analysts have warned potential investors to be very careful with dogecoin and other altcoins, arguing their lack of use cases and wild volatility make them highly risky investments.

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Dogecoin slides 32% from all-time high as blockbuster rally runs out of steam

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Dogecoin is a cryptocurrency based on the Doge meme, started seemingly as a joke

Dogecoin dropped over Wednesday night and into Thursday morning as the red-hot rally in the joke cryptocurrency faltered.

The coin was down 11% to $0.28044 in the 24 hours to 9.55 a.m. ET, according to CoinGecko. That was 32% off the record high of $0.41888 reached on Tuesday.

Despite the fall, Dogecoin remained 375% higher than 14 days earlier. It had climbed 14,200% over the year to Thursday.

The breakneck rally in a cryptocurrency that was started as a joke in 2013 has astounded traditional financial analysts.

Dogecoin has benefited from the frenzy around cryptocurrencies that has consistently pushed bitcoin and ether to record highs over recent months.

But a groundswell of support for Dogecoin built up on the internet in recent days, boosted by celebrities such as Elon Musk. It has drawn comparisons to GameStop, the video game store whose stock traders organizing themselves on Reddit pumped up in January.

“DOGE has, of course, already experienced a massive speculative price push, which has, quite interestingly, held up for an extended period of time,” Justin d’Anethan, head of exchange sales at crypto exchange Equos, said.

“Volatility is a double-edged sword, though, and prices ramping up quickly in strong days can fall back very quickly.”

Neil Wilson, chief market analyst at trading platform Markets.com, said: “It’s the definition of a speculative bubble and the ‘greater fool theory’ in action. They go up and up and when gravity decides to act, it acts fast.”

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Doge Day hangover: Dogecoin falls 20% after breakneck rally sends meme cryptocurrency soaring

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Dogecoin was started as a joke in 2013.

Dogecoin fell 20% on Wednesday after the meme cryptocurrency touched an all-time high of close to $0.42 the previous day in the wake of a remarkable rally.

Fans of the digital asset, which is based around the Shiba Inu Doge meme, celebrated April 20 as ‘Doge Day’ and helped push the coin up to record highs. Even businesses such as Slim Jim and Snickers got involved.

But Dogecoin fell 21% in the 24 hours to 7.45 a.m. ET, according to CoinGecko, taking it to $0.3075. That compared to an all-time high of $0.4188 touched on Tuesday.

“The current retail fervor probably won’t completely give up on Dogecoin, but a sell-the-event reaction [to Doge Day] could be in the cards,” Edward Moya, senior market analyst at currency firm Oanda, said.

Nonetheless, the cryptocurrency’s 14-day gain stood at 376%, while its 1-year gain was an astounding 15,470%.

Dogecoin, which was started as a joke in 2013, has captured the attention of the crypto world over recent days.

Its rally has been driven by celebrities such as Elon Musk, who played a part in the latest jump by tweeting an image of “Doge Barking at the Moon” on Thursday.

Many Dogecoin fans had hoped it would rise to $0.50 or even $1 on Doge Day but were left disappointed.

Analysts have compared the Dogecoin phenomenon to GameStop, which day traders sent soaring in January.

Analysts at the Kraken Exchange said in a note on Tuesday: “As the [GameStop] saga has shown, as well as DOGE’s price action thus far this year, there’s no telling how high memes can send an asset.”

Yet many are warning that investors could get burned. Susannah Streeter, senior investment analyst at Hargreaves Lansdown, said: “Investors should be extremely cautious about getting caught up in this herd mentality because Dogecoin is very much a speculative bet.”

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Dogecoin jumps 35% to all-time high above $0.41 even as other cryptocurrencies struggle

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Dogecoin is a cryptocurrency based on the Doge meme.

Dogecoin continued to buck the broader market trend on Monday, rising 35% to an all-time high above $0.41, as bitcoin and other cryptocurrencies stabilized after sharp falls at the weekend.

The meme cryptocurrency, which was created as a joke in 2013, had risen 33.9% over the 24 hours to 6.45 a.m. ET to stand at $0.41362, according to CoinGecko.

Dogecoin’s rally contrasted with sharp falls for many other cryptocurrencies over the weekend, as excitement waned in the wake of the $100 billion direct listing of crypto exchange Coinbase. Doge slipped slightly over the weekend after nearing $0.40 on Friday, but rallied again on Monday.

Bitcoin stabilized on Monday morning to trade at around $56,500, well off recent highs of close to $65,000. Ether, the cryptocurrency on the Ethereum network, stood at around $2,210, below recent highs of more than $2,500.

Dogecoin has been the stand-out star of the cryptocurrency world over the last week, with a rise of more than 400% according to CoinGecko.

The massive rally is tied up with celebrity endorsements and meme culture, said Adam Levine, head of podcasts at Coindesk.

“There seems to be a consensus unofficially among the Elon Musks, Slim Jims, Mark Cubans and a big part of meme culture that Doge is the joke currency to beat,” he said.

“So anyone who wants a joke currency gets it and it gets tons of media attention because of it, in a self-reinforcing cycle.”

Dogecoin is a cryptocurrency – a decentralized digital asset based upon blockchain technology – started in 2013 by software engineers as a joke. It takes its name from the Shiba Inu dog meme.

Yet many analysts are warning buyers could get stung if they pile into Dogecoin at elevated prices.

Freetrade analyst David Kimberly said: “People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.

“But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. And it’s almost impossible to say when that’s going to happen.”

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Dogecoin extends record-shattering weekly gain to 520% after another inscrutable tweet from Elon Musk

elon musk dogecoin pumping stocks 2x1
  • Dogecoin spiked roughly 200% to another record on Friday after an inscrutable Elon Musk tweet appeared to reference it.
  • The coin has now climbed 520% over the past week, according to Coinbase data.
  • Experts warn of a bubble waiting to burst caused by “just a surge in interest from people looking to get rich quick.”
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Dogecoin spiked more than 200% on Friday to a record high after Elon Musk tweeted another inscrutable message that appeared to reference the meme currency.

At 12:33 a.m. ET on Friday, the Tesla CEO and SpaceX founder published a tweet to his 51 million followers saying “Doge Barking at the Moon.” Attached was a photo of a creature that resembles a dog staring at an object that resembles a moon.

The caption of the billionaire executive is a version of the “to the moon” slang dogecoin bulls use in reference to the astronomical rise in dogecoin’s price.

Dogecoin hit a 24-hour high of $0.43 around 9:45 a.m. ET and was trading at $0.38 as of 10:35 a.m. ET, according to data from Coinbase.

For the week, the price of the token portrayed by a Shiba Inu dog has skyrocketed 520%.

“The Dogecoin rally once again defies all expectations,” Konstantin Boyko-Romanovsky, CEO and founder of Allnodes, a non-custodial service provider, told Insider. “It feels like a black swan event on the crypto market because of how unpredictable it is. A market correction should follow this type of sudden gain.”

Some experts have expressed concern about a bubble waiting to burst. Freetrade analyst David Kimberley said the latest uptick is not indicative of any “meaningful value the cryptocurrency offers” but rather “just a surge in interest from people looking to get rich quick.”

“When everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. And it’s almost impossible to say when that’s going to happen,” he said. “And if you’re the one left holding on to the coins when the market tanks, you may regret taking a punt in the first place.”

Read more: A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities

The jump in dogecoin’s price isn’t only prompted by the newly self-appointed Technoking of Tesla, though he has spurred the price to skyrocket in the past. In February, Musk published a one-word tweet that sent dogecoin up by 25% in minutes.

Rather, dogecoin was also lifted by a broader cryptocurrency rally ahead of Coinbase’s direct listing on the Nasdaq on Wednesday viewed by many as a milestone for the digital currency ecosystem.

The token spiked as much as 34% on Tuesday, bringing its total market capitalization above $11 billion – making it more valuable than a number of large companies – in lockstep with bitcoin hitting a new record that day, as well as ether.

“There are many different reasons that people are buying it, and it’s more or less gone mainstream at this point,” said Billy Markus, an IBM engineer and a cocreator of Dogecoin, told Insider. “It’s one of the most volatile assets you can make a bet on, but people right now have a lot of reasons to make that bet, and that is being reflected in the market.”

Dogecoin, which started as a joke in 2013 created by Markus and Jackson Palmer, has shot to fame thanks to well-known backers such as Musk, but also rapper Snoop Dogg and Kiss member Gene Simmons. Both intended dogecoin to be a fast and cheaper alternative to bitcoin.

It also has a strong community on Reddit that started in 2013 with members cheering each other on whenever the price rallies. Satoshi Street Bets also on Reddit started in 2020-a take on the famed Wall Street Bets-also discusses dogecoin although it includes the broader cryptocurrency market.

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Robinhood ‘experiencing issues with crypto trading,’ sparking users’ outrage amid massive Dogecoin rally

Robinhood on cellphone
Robinhood app

Robinhood said on Thursday evening that it was experiencing issues executing users’ cryptocurrency trades.

“We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible,” Robinhood tweeted at 10 p.m. Eastern Time.

Robinhood is providing updates on its status page.

The technical difficulties came as the cryptocurrency Dogecoin’s price has soared in recent days, prompting outrage from users hoping to cash in on the rally. Dogecoin’s value has skyrocketed more than 230% over the past three days, increasing its total market value to more than $34 billion.

“No, we didn’t place restrictions on $DOGE trading. This is false information,” Robinhood tweeted earlier in response to users alleging on social media that the company had restricted trading of the cryptocurrency.

Robinhood has come under fire from users and regulators previously over issues with its trading platform during major market events.

In January, Robinhood blocked purchases of GameStop, AMC, and other stocks after days of Reddit-fueled rallies. The company has since been subpoenaed as part of a federal investigation and is facing a class-action lawsuit from users.

In March, Robinhood experienced major outages two days in a row, again drawing outrage from users who were locked out of trading as markets had their biggest rally in years.

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