Dogecoin, the cryptocurrency that started as a joke when it launched in 2013, is now price greater than Normal Motors (GM), the American carmaker founded in 1908, primarily based on market cap worth.
On Wednesday, Dogecoin’s market cap worth—the overall market worth of the circulating provide of a cryptocurrency—hit a reported $87.1 billion, in line with CoinMarketCap.
The meme cryptocurrency’s market cap worth was larger than that of GM, which was recorded to be round $80.3 billion on the New York Inventory Change (NYSE)/Nasdaq on the time of reporting.
Dogecoin (listed as DOGE on the cryptocurrency market) was priced at round $0.66, marking round a 53 % rise within the final 24 hours. The worth reached as excessive as simply over $0.69 at one level in the identical time interval, in line with CoinMarketCap.
The graphic under, produced by Statista, reveals the value modifications of chosen cryptocurrencies in 2021.
Its 24-hour buying and selling quantity was at over $52.3 billion on Wednesday, marking a 271 % improve in the identical timeframe, in line with CoinMarketCap.
Dogecoin’s newest market cap worth was additionally greater than double that of Twitter. The social media platform’s market cap was listed at round $43.4 billion on NYSE on the time of reporting.
The joke cryptocurrency ranked 138th in an inventory of high belongings by market cap on AssetDash, a leaderboard for belongings. GM ranked 155 and Twitter ranked 290.
The worth of dogecoin has seen a collection of surges in latest months, together with in mid-April. The cryptocurrency hit a brand new all-time excessive, because the value of a single dogecoin surpassed 20 cents for the first time on April 15.
Its worth soared from late January, rising by more than 800 percent at one point. The worth flattened out from mid-February and climbed on a pointy incline from early April, according to data from CoinMarketCap.
Its worth surge has been helped by social media buzz, with nods from public figures akin to Tesla CEO Elon Musk and several celebrities, in addition to extra just lately from Slim Jim, the American snack model.
Dogecoin’s worth hike on April 15 reportedly got here after a shout-out from the CEO of Conagra Brands, the parent company of Slim Jim. The meat stick model has been tweeting about Dogecoin from early March.
The Twitter account of Slim Jim noticed a 160 % improve in followers after it started partaking with Dogecoin content material. Its tweet impressions additionally soared, receiving 35 million impressions in 25 days, in line with Conagra CEO Sean Connolly, CoinDesk first reported on April 15.
“We have seen a market uptick in viewers interplay, together with direct engagement and advocacy from the person who created Dogecoin,” Connolly mentioned on an earnings name on the time.