Dogecoin is back on investors’ radar Wednesday, as prices rally following word that Coinbase Pro will start letting users trade the cryptocurrency beginning on Thursday.
Once considered a joke, the digital currency was up 33% in midday trading to nearly 42¢. But perhaps even more impressive was the latest update on its market cap. Dogecoin now has a market value of roughly $54 billion dollars, a phenomenal level that puts it alongside some of the biggest companies in the world. In fact, it puts the cryptocurrency well above many of them.
Ten thousand new Dogecoins are programmed to be issued every minute for the rest of eternity, meaning the market cap could conceivably continue to rise. It’s a cryptocurrency that’s meant to always get cheaper, but has been on a steady rise this year (up 8,600%), creating a bevy of new millionaires. Even the creator of the coin is flummoxed by its rise.
That’s not stopping it from dwarfing some very familiar names, though. Here are some of the blue-chip companies that have seen Dogecoin blow past their market caps so far.
