Dogecoin's $10 billion valuation now makes it bigger than these 11 well-known companies
- Dogecoin's 1,500% rally in 2021 had made the meme-based cryptocurrency worth $10 billion.
- These 11 well-known companies are now worth less than a shiba inu-inspired cryptocurrency.
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Dogecoin, a meme-inspired cryptocurrency that was started as a joke in 2013, is now worth more than $10 billion after a gravity-defying year-to-date rally of 1,500%.
The rally was sparked by a series of tweets from Elon Musk, as well as Snoop Dogg, and Gene Simmons. An overall increase in demand for crypto among investors following bitcoin's surge to nearly $50,000 likely also helped support the recent rally in Dogecoin.
Dogecoin differs from bitcoin in that there is no hard limit on the total supply of coins. Bitcoin has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 100 billion coins outstanding, with 5 billion in new coins hitting the supply every year.
Even the founder of dogecoin, Billy Markus, can't make sense of the surge in the coin he started as a joke. Markus told The Wall Street Journal, "The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense."
Dogecoin's unlimited supply cap and the bewilderment of its founder hasn't stopped investors from piling into dogecoin, making it now more valuable than these 11 well-known companies.
1. Wendy's
Ticker: WEN
Market Cap: $4.6 billion
2. Shake Shack
Ticker: SHAK
Market Cap: $5.0 billion
3. Harley Davidson
Ticker: HOG
Market Cap: $5.2 billion
4. JetBlue
Ticker: JBLU
Market Cap: $5.2 billion
5. Texas Roadhouse
Ticker: TXRH
Market Cap: $6.0 billion
6. Planet Fitness
Ticker: PLNT
Market Cap: $6.5 billion
7. Grubhub
Ticker: GRUB
Market Cap: $6.6 billion
8. Blackberry
Ticker: BB
Market Cap: $7.1 billion
9. Norwegian Cruise Line Holdings
Ticker: NCLH
Market Cap: $7.8 billion
10. Under Armour
Ticker: UAA
Market Cap: $8.6 billion
11. Dropbox
Ticker: DBX
Market Cap: $9.8 billion
*Data as of February 9, 2021.