What started off as a joke is now being taken seriously by a growing number of investors.
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Dogecoin’s total market value of nearly $50 billion makes it bigger than the market cap of some of America’s top manufacturers, according to Bloomberg.
In the past week, the digital currency — modeled in 2013 after the popular “Doge” meme — has spiked 400% and become one of the top 10 cryptocurrencies in the market. Its $50 billion market cap almost rivals that of Twitter ($54.3 billion) and places it above Ford Motor Co. ($48.3 billion), Bloomberg reports.
Related: Dogecoin Maybe Worth More Than $1 At The End Of 2021
Dogecoin continued to climb in the early hours of Tuesday, 4/20, with many fans using #DogeDay to celebrate the smoking of marijuana. As of this writing, however, it has since dipped down to 34 cents per token.
In recent months, Dogecoin has been gaining steam due to support from companies like Slim Jim and tech figures like Elon Musk. Still, several investors have expressed concerns that the digital currency’s spike could cause a potential bubble.