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Dogecoin's $50 billion valuation now makes it bigger than these 10 well-known companies

NYSE trader

Dogecoin, a meme-inspired cryptocurrency that was started as a joke in 2013, is now worth $50 billion after a gravity-defying year-to-date rally of 7,199%.

The rally was sparked by a series of tweets from Elon Musk earlier this year, as well as from Snoop Dogg, Gene Simmons, and Guy Fieri. An overall increase in demand for crypto among investors following bitcoin's surge to more than $60,000 and the direct listing of crypto-exchange platform Coinbase likely also helped support the continued rally in dogecoin.

Even some congressman are getting in on the dogecoin craze, with house member Mark Green disclosing that he purchased the cryptocurrency earlier this month.

Dogecoin differs from bitcoin in that there is no hard limit on the total supply of coins. Bitcoin has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 129 billion coins outstanding, with 5 billion in new coins hitting the supply every year.

Even the founder of dogecoin, Billy Markus, can't make sense of the surge in the coin he started as a joke. Markus told The Wall Street Journal in February, "The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense."

Markus sold all of his dogecoins in 2015 and used the proceeds to purchase a Honda Civic, as even he couldn't foresee the outsized influence a shiba dog would have on people's investment decisions.

Dogecoin's unlimited supply and the bewilderment of its founder hasn't stopped investors from piling into the meme token, making it now more valuable than these 10 well-known companies.

1. Ross Stores

Ticker: ROST
Market Cap: $46.0 billion

ross store
Ross Stores.

2. Walgreens Boots Alliance

Ticker: WBA
Market Cap: $46.4 billion

FILE - In this June 25, 2019, file photo signage hangs outside a Walgreens pharmacy in downtown Cincinnati. Walgreens reports financial results on Wednesday, Jan. 8, 2020. (AP Photo/John Minchillo, File)
FILE - In this June 25, 2019, file photo signage hangs outside a Walgreens pharmacy in downtown Cincinnati. Walgreens reports financial results on Wednesday, Jan. 8, 2020. (AP Photo/John Minchillo, File)

3. Las Vegas Sands

Ticker: LVS
Market Cap: $46.8 billion

The Venetian Resort Hotel and Casino signage in Las Vegas, Nevada on September 9, 2017.
The Venetian Resort Hotel and Casino signage in Las Vegas, Nevada on September 9, 2017.

4. Kimberly-Clark

Ticker: KMB
Market Cap: $47.0 billion

toilet paper
The toilet paper fully stocked at a supermarket during the corona virus pandemic.

5. CrowdStrike

Ticker: CRWD
Market Cap: $47.7 billion

Crowdstrike logo
The logo of cybersecurity firm CrowdStrike.

6. Ford

Ticker: F
Market Cap: $48.0 billion

ford factory
Workers build Ford F-150 trucks at one of the automaker's assembly plants.

7. Carvana

Ticker: CVNA
Market Cap: $48.5 billion

Carvana vending machine
A Carvana automobile vending machine.

8. Marriott

Ticker: MAR
Market Cap: $48.6 billion

ritz carlton miami beach
The Ritz-Carlton in Miami Beach, Florida.

9. Doordash

Ticker: DASH
Market Cap: $48.7 billion

doordash delivery driver
A delivery person for Doordash rides his bike in the rain during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., November 13, 2020.

10. Roku

Ticker: ROKU
Market Cap: $49.9 billion

GettyImages 1204852519
Roku hits 50 million active accounts.

Read the original article on Business Insider

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