Dogecoin surpasses Ford in value as Trump's win propels total crypto market cap to $3 trillion
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- Dogecoin has soared 157% since Trump's election win, reaching a $53 billion market valuation.
- The rise aligns with a broader crypto frenzy, as investors expect Trump to boost the market.
- Other notable companies dogecoin is now bigger than include Allstate, Keurig Dr Pepper, and Kimberly-Clark.
Dogecoin is back.
The meme-inspired cryptocurrency has surged as much as 157% since President-elect Donald Trump's win last week, catapulting the token to a market valuation of about $53 billion.
That makes dogecoin worth more than Ford, a 121-year-old company that generated $176 billion in revenue last year and was worth about $47 billion on Monday.
Other notable companies dogecoin is now bigger than include Allstate, Keurig Dr Pepper, and Kimberly-Clark.
Dogecoin hit a high of $0.4355 on Tuesday morning, representing its highest level since June 2021. Dogecoin is still 33% below its record high of around $0.72 reached in May 2021.
The surge coincides with a broader frenzy for cryptocurrencies, with investors expecting Trump to unleash a wave of deregulation that favors the industry during his second term.
Trump said in July he would be the "crypto president" and his recent win has sparked a record rally in bitcoin, with the cryptocurrency surging to record highs near $90,000 on Monday.
The broader crypto market hit a total valuation of $3 trillion on Tuesday, representing a gain of about $700 billion since the election last week.
The top five biggest cryptocurrencies by market cap are bitcoin, ethereum, tether, solana, and BNB, also known as binance coin, with dogecoin sitting in sixth place.
Elon Musk has also been closely tied to dogecoin, having previously dubbed himself the "dogefather."
Musk was a staunch supporter of Trump in the election, and has been spotted at the President-elect's Mar-a-Lago residence over the past week, with expectations that the CEO will have at least some say in decisions made by the coming administration.
Musk has said he envisions a role during Trump's second term as head of the "Department of Government Efficiency" — a made-up department that also makes the acronym DOGE — that would focus on massively cutting costs in the federal government.