Proudly sponsored by

Dogecoin retreats after topping Ford and Kraft in market value

For a cryptocurrency created as a joke, Dogecoin finds itself in some serious company.
Image: Yuriko Nakao/Getty Images Europe

For a cryptocurrency created as a joke, Dogecoin finds itself in some serious company.

After a 400% rally in the past week, the total value of all circulating Dogecoins in the world briefly rose to as much as $50 billion, according to data provider CoinMarketCap.com. The digital token later retreated by about 20% Tuesday, reducing its market value by around $10 billion from the high.

Moneyweb Insider INSIDERGOLD

Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process.

Choose an option:

R63 per month
R630 per year SAVE R126

You will be redirected to a checkout page.
To view all features and options, click here.

A monthly subscription is charged pro rata, based on the day of purchase. This is non-refundable and includes a R5 once-off sign-up fee.
A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership.

Click here for more information.

The surge had made it bigger than the market cap of Ford Motor Co. and Kraft Heinz Co. — and nearly equal to Twitter Inc., the platform where Elon Musk and Mark Cuban have promoted the Shiba Inu-themed meme coin.

No one thinks these blue-chip stocks are all that comparable to Dogecoin, a fringe asset with no real purpose beyond being a joke on social media. But the similarity of their market values underscores the boom in cryptocurrencies that’s taken Wall Street by storm.

It’s all part of the dizzying trajectory for Dogecoin, which has delighted followers of so-called alt coins, but dismayed some crypto enthusiasts who worry that it’s only adding to volatility and detracting from its more useful endeavors, like decentralised finance.

Dogecoin prices have rallied recently, with fans rallying behind the #DogeDay hashtag to celebrate April 20, or 4/20, known in cannabis culture as a day for smoking marijuana. Prices pulled back to around 31 cents on Tuesday, according to CoinGecko.com.

Meanwhile, other cryptocurrencies have been mired in a slump as euphoria from Coinbase Global Inc.’s listing wears off. Bitcoin, the world’s largest token, edged up about 1% after falling for four straight days, to about $56 800.

© 2021 Bloomberg

COMMENTS   2

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

I’m quite surprised that there’s not a huge interest in the market for Zim dollars. Clearly currency volatility is no problem to these “investors.”

Buy the dip Incitatus, I promise I wont tell

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: