Dogecoin (DOGE), which hit an all-time high near the 45-cent level on Monday night, has now surpassed automaker Honda Motor Co. Ltd. HMC in terms of market capitalization.
What Happened: The joke cryptocurrency has risen 10.8% in the past 24 hours to $0.4245 at press time, giving it a market capitalization of $54.64 billion. In comparison, Honda has a market capitalization of $54.52 billion as per Monday's close.
The event is significant as Dogecoin co-creator Billy Markus recently revealed that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost at that time.
See Also: How to Buy Dogecoin (DOGE)
Markus clarified in an interview with Benzinga in March that he actually never purchased a used car by selling his cryptocurrency holdings for nearly $10,000 in 2015, but used it to pay rent.
Dogecoin’s market capitalization also puts the joke cryptocurrency ahead of companies like Emerson Electric Co. EMR and Vodafone Group Plc VOD.
Emerson has a market valuation of $54.56 billion and Vodafone has a market valuation of $54.18 billion, as per Monday’s close.
Why It Matters: Dogecoin hit an all-time high on Monday just days ahead of Tesla Inc TSLA CEO Elon Musk’s scheduled appearance on “Saturday Night Live” where the joke cryptocurrency is expected to feature. Musk is a big supporter of Dogecoin.
The Shiba Inu-themed cryptocurrency is now the fifth-largest cryptocurrency by market cap, as per CoinMarketCap data.
The apex cryptocurrency Bitcoin (BTC), which hit an all-time high last month of $64,863.10, is down 3.5% in the past 24 hours at $55,757.48.
In terms of year-to-date returns, the meme coin has far outpaced the largest cryptocurrency by market capitalization. DOGE has returned year-to-date gains of 8,792.74%, while BTC’s returns comparatively pale at 91.29%.
Photo by Furtherfield Gallery on Flickr
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.