Dogecoin’s $10 billion valuation now makes it bigger than these 11 well-known companies

Dogecoin’s $10 billion valuation now makes it bigger than these 11 well-known companies

Dogecoin, a meme-inspired cryptocurrency that was started as a joke in 2013, is now worth more than $10 billion after a gravity-defying year-to-date rally of 1,500%.

The rally was sparked by a series of tweets from Elon Musk, as well as Snoop Dogg, and Gene Simmons. An overall increase in demand for crypto among investors following bitcoin's surge to nearly $50,000 likely also helped support the recent rally in Dogecoin.

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 100 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, "The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense."

Dogecoin's unlimited supply cap and the bewilderment of its founder hasn't stopped investors from piling into dogecoin, making it now more valuable than these 11 well-known companies.

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