Dogecoin (DOGE) Hits Over $85 Billion Market Cap

By Amit Chowdhry ● May 8, 2021
  • Dogecoin (DOGE) recently hit over an $85 billion market cap. These are the details.

Dogecoin (DOGE) recently hit over an $85 billion market cap as the price hit over $0.74 earlier today and is not hovering at about $0.65 as of this afternoon. This is a significant jump as it was trading at $0.005736 as of January 1.

Dogecoin was launched as a joke in 2013. And since it does not have a supply cap so many investors have been scratching their heads about how high it has been able to climb anyway. However, retail investors on platforms like Robinhood and Coinbase have embraced the “meme” cryptocurrency. 

Another major reason why Dogecoin climbed over 70% this past week is due to the planned appearance of Tesla CEO Elon Musk on Saturday Night Live (SNL) today. And there is speculation that he will “pump” Dogecoin on SNL. Musk has been known for endorsing Dogecoin on Twitter repeatedly and has posted many meme images about the cryptocurrency.

Here are a couple of examples:

 

The Dogecoin uses the face of a Shiba Inu dog from the “Doge” meme for its logo. It was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer with the goal of creating a P2P digital currency that could become available for a broader demographic than Bitcoin.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.