Dogecoin is now 3.5% of the crypto market—and the world’s 170th largest “stonk”

Dogecoin (DOGE) has now outperformed nearly every asset, real estate, stock, or even most cryptos that mankind has ever known. The meme token trades at over $0.77 at press time, reaching a market cap of as high as $90 billion.

For reference, that’s bigger than the National Bank of Australia, American beer maker Heineken, Japanese game maker Nintendo, German carmaker BMW, and Indian information technology giant InfoSys.

In fact, Dogecoin is the world’s 170th most valued equity asset as per this list. Not bad for a joke cryptocurrency that doesn’t see active development and has no particular use case other than existing (it does, however, have a faster transaction time than a lot of large-cap cryptocurrencies and lower transactional fees).

$1,200 stimulus is now worth $340,000$doge

— ฿ullƉoge (@CryptoBull) May 4, 2021

Dogecoin what if-isms

As per market tool CoinGecko, Dogecoin has risen over 784,754.0% since it was launched back in 2013. That means every $100 would have turned into $121,000 today (it trades at $0.68).

And if one were to put $100 when Dogecoin crashed to $0.00086 in May 2015, it would be worth a jaw-dropping, soul-staggering $767,000 today (can’t help but imagine putting $1,000 or $10,000 then).

As such, the currency has risen 54.2% in the past day, 150.3% in the past week, 108.8% in the past two weeks, 1074.7% in the past month, and over 27258.4% in the past year—making it one of the best “investments” should one have punted.

The market cap stands at over $88 billion at press time, less than half that of Ethereum ($379 billion) and smaller than a tenth of Bitcoin ($1 trillion). DOGE price charts, like the one below, are near vertical.

Meanwhile, some are expressing caution at these levels. “You know, it’s a functional network, so we will give it that credit (that it does work). But there are no real users, no developers building on it,” said Blockchain Capital general partner Spencer Bogart in a recent interview.

Trading $DOGE is like an advanced game of musical chairs except:

•Elon decides when the music starts
•The top 1% of wallets decide when music stops
•There's $70billion on the line
•More than 50% of players won't find a chair

One of the most interesting coins for this alone.

— Luke Martin (@VentureCoinist) May 4, 2021

He referred to Tesla CEO Elon Musk’s ongoing infatuation with Dogecoin as one of the catalysts for the asset’s price-performance: “He likes jokes. You know, he’s a fun guy. He likes memes, and Doge is the perfect target for it,” Bogart said.

No one’s going to complain as long as numbah goes up.

Ad: Buy Dogecoin on Crypto.com

The post Dogecoin is now 3.5% of the crypto market—and the world’s 170th largest “stonk” appeared first on CryptoSlate.