Dogecoin is now worth $78 BILLION – almost double Ford and Twitter

Dogecoin is now worth $78 BILLION – almost double Ford and Twitter

Dogecoin is now valued at a whooping $78 billion, making the one-time comedy cryptocurrency worth almost double that of Ford and Twitter . The meme-based virtual currency has soared to an all-time high, rising in value 100 per cent in the past week alone, and extending its 2021 rally to become the fourth-biggest digital coin. That’s ahead of chief backer and self appointed ‘Dogefather’ Elon Musk ‘s controversial Saturday Night Live hosting gig. The Tesla CEO has appeared to promise the coin will appear in one of his sketches. Musk has previously tweeted: ‘One word: Doge’ and ‘Dogecoin rulz’. A market capitalization of $78 billion puts Dogecoin, founded in 2013, ahead of other more well established brands and companies including Sherwin-Williams which is valued at $75.8 billion; Dell Technologies, value $75 billion; Moderna, value $63.1 billion; Ford Motor Company, valued $45.2 billion; and Twitter, value $42.1 billion. Critics, though, say Dogecoin’s almost unbelievable rise is another example of the fever to buy the next big thing that’s been pushing prices up across investments, and that people buying in now may be setting themselves up for pain. Even cryptocurrencies that are more widely accepted and seen as serious are notoriously volatile, with huge swings in price, up and down. ‘We can expect many novice retail investors — who may not have the financial resilience needed — to get burned in the Dogecoin frenzy, in the same way they did with the GameStop one,’ said Nigel Green, chief executive of deVere Group, which offers financial planning and advice. Edward Moya, senior market analyst at Oanda, told MarketWatch its bubble should have ‘popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.’ He added: ‘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’.’ ‘What we’re seeing right now is the definition of speculative excess,’ said IG Markets analyst Kyle Rodda, who likened it to the tech-bubble mania of two decades ago. ‘There’s money being thrown at anything in the crypto space,’ he added. After SNL announced on Saturday that Musk will host the May 8 episode, cast members Bowen Yang and Aidy Bryant posted Instagram Stories taking aim at the billionaire. They are believed to be unhappy that a business tycoon has been chosen to host the show instead of a figure from the arts, although Musk’s outlandish tweets and ambitious projects have made him a pop culture icon. Dogecoin, launched as a satirical critique of 2013’s cryptocurrency frenzy, has climbed to $0.6 as of Wednesday morning, according to CoinMarketCap. That means an investor who paid in $1,000 on January 1 would now have around $120,000. This year alone it has soared over 14,000%, from $0.00468 on December 31, taking it past more widely used cryptocurrencies such as the Tether stablecoin and XRP to become the fourth-largest by market capitalization. Dogecoin – whose logo features a Shiba Inu dog at the center of the meme – remains little used in commerce or payments. Like other digital coins, it is highly volatile and its price is heavily influenced by social media users. On Tuesday, the New York crypto exchange Gemini said it would start letting users trade and custody the token. Its CEO Tyler Winklevoss said: ‘Dogecoin is the people’s money. It’s organic, irreverent, and fun. It’s not forced on us by a government or some other central authority, it’s chosen by us, for us — by the people, for the people. Wow.’ The Oakland Athletics said they will now also accept Dogecoin for ticket sales, becoming the first baseball team to do so. Basketball team the Dallas Mavericks also accept the currency. Owner Mark Cuban said: ‘As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. ‘Yes, a joke is now legit.’ Some cryptocurrency market players said its volatility was its main draw, with a mixture of retail investors and market makers fueling its trading volumes. ‘The ugly truth is that a lot of crypto valuations are divorced from reality anyway,’ said Joseph Edwards, head of research at crypto brokerage Enigma Securities. ‘Right now, (Dogecoin) is being seen as it’s always been seen – an asset with surprising staying power that provides opportunities to take advantage of volatility every year or so.’ Dogecoins are now cumulatively worth $78 billion, compared to bitcoin’s $1 trillion and ethereum’s $411 billion.

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