The current value of Dogecoin, the meme cryptocurrency, is currently $49.8B. This makes it have a higher value than Ford Motors, the Multinational Automaker based out of America which has a value of $45.2B. Twitter, the giant of social media, has a value of $44.1B and is also less than the cryptocurrency.
How High Will Dogecoin Go?
The current situation of the altcoin is rank number 255 as per the rankings on Asset Dash. It is fast closing in on rank number 254 which is the Newmont Corporation. It is the largest company for mining gold in the whole world. The market capitalization value of Newmont stands at a bit more than $50B.
As such, this even of Dogecoin having a higher value than a traditional company based on commodities such as Ford, or slightly less than a firm such as the Newmont Corporation is a continuation of a longstanding paradox. Traditional investors are faced with this paradox that cryptocurrencies hold no actual or physical value when compared to the commodities of the other two companies.
However, the market capitalization value is a success worth noting. Especially since it has only been seven years since Dogecoin’s launch on 6th December 2013. Ford and Twitter were formed in 1903 and 2006 respectively. In 2021, the growth of the altcoin was accelerated after renowned businessmen and popular personalities such as Mark Cuban and Elon Musk supported the coin with all their weightage on social platforms.
The coin’s recent strength seems to have a connection with the upcoming performance of Elon Musk as a host on SNL on 8th May. The founder of the Tesla Corporation has an interest in the DOGE that is famous. He has even called it the “DogeFather.” As such, SNL will be a huge platform for Elon and the viewers, especially those expecting a surge in the coin’s value.