Dogecoin is being valued at $49.8 billion which means it is valued higher than American multinational automaker Ford Motor Company ($45.2 billion) and social media giant, Twitter ($44.1 billion).
The altcoin currently sits at rank #255 on the Asset Dash rankings, biting at the heels of the #254-ranked Newmont Corporation. Newmont is the biggest gold mining company in the world and has a market cap of just over $50 billion.
Dogecoin surpasses Twitter and Ford
Dogecoin being valued higher than a traditional commodity-based company like Ford or just lower than one like Newmont Corporation continues the longstanding paradox that faces traditional investors with cryptocurrencies holding no physical value.
The market cap is a noteworthy success considering it was only released seven years ago on Dec. 6, 2013, while Twitter and Ford were established in 2006 and 1903 respectively, Dogecoin’s growth accelerated in 2021 after the likes of Elon Musk and renowned businessman Mark Cuban put their weight behind the coin on social media.
The recent strength of Dogecoin could be linked to Musk’s upcoming performance hosting Saturday Night Live this upcoming weekend (May 8). The Tesla Founder has a famous interest in the coin and has even been described as the “DogeFather.” Saturday Night Live will provide a massive platform for Musk and viewers, who could be expecting a boom in value for the coin if mentioned by Musk in one of his performances on the show.
Musk turned to Twitter for skit ideas. One fan asked if he will be incorporating his title, and the DogeFather responded “Definitely.” Some traders believe that the exposure could lead to Dogecoin picking up even more momentum.
The Dogecoin cryptocurrency was created by Billy Markus and Jackson Palmer who are both software engineers when they wanted a payment system without traditional banking fees. It started off as a joke, using the likeness of the “Doge” meme.