Dogecoin (DOGE), which hit an all-time high near the 45-cent level on Monday night, has now overtaken the automaker Honda Motor Co. Ltd. (NYSE: HMC) in terms of market capitalization.
What happened: The joke cryptocurrency has risen 10.8% in the past 24 hours to $ 0.4245 at the time of publication, giving it a market cap of $ 54.64 billion. By comparison, Honda has a market cap of $ 54.52 billion at Monday’s close.
The event is significant because Dogecoin co-creator Billy Markus recently revealed that he sold all of his cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost. at this moment.
See also: How to buy Dogecoin (DOGE)
Markus clarified in an interview with Benzinga in March that he had in fact never bought a used car by selling his cryptocurrency holdings for nearly $ 10,000 in 2015, but had used it to pay rent. .
Dogecoin’s market cap also puts the cryptocurrency joke ahead of companies like Emerson Electric Co. (NYSE: EMR) and Vodafone Group Plc (NASDAQ: VOD).
Emerson has a market valuation of $ 54.56 billion and Vodafone has a market valuation of $ 54.18 billion, according to Monday’s close.
Why is this important: Dogecoin hit an all-time high on Monday a few days before Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s planned appearance on “Saturday Night Live” where the cryptocurrency joke is expected to feature. Musk is a big supporter of Dogecoin.
The Shiba Inu-themed cryptocurrency is now the fifth largest cryptocurrency by market cap, according to data from CoinMarketCap.
The cryptocurrency Bitcoin (BTC) high, which reached an all-time high last month of $ 64,863.10, is down 3.5% in the past 24 hours to $ 55,757.48.
In terms of returns since the start of the year, the coin has far surpassed the largest cryptocurrency in terms of market cap. DOGE has posted gains of 8,792.74% year-to-date, while BTC returns are relatively pale at 91.29%.
Read more: How Dogecoin Can Become A Usable Currency Like Any Other, According To Mark Cuban
Photo by Morefield Gallery on Flickr
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