(Bloomberg) — For a cryptocurrency created as a joke, Dogecoin now finds itself in 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 CoinMarketCap.com.
That makes it bigger than the market cap of Ford 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.
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