Dogecoin’s $50-billion market cap makes it bigger than Ford and Kraft

For a created as a joke, Dogecoin now has some serious company.

After a 400% rally in the past week, the total value of all circulating Dogecoins in the world is about $50 billion, according to data provider

That makes it bigger than the market cap of 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 decentralized finance.

Dogecoin prices climbing once again, 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 were trading just below 40 cents, according to

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, has fallen for five straight days, back to $55,000.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor