Dogecoin, a cryptocurrency developed and launched in December 2013 and which gathered over 1MN visitors on its official website within a surprisingly short time, managed to become one of the highest-value cryptocurrencies to date.
It has grown so much that it managed to exceed long-standing companies like HP in terms of market capitalization. Dogecoin boasts a market cap of a bit over $36BN by the time of writing, whereas HP, a leading brand in computer-related products, stands at $31BN by press time. Dogecoin even managed to surpass Ford, the second-largest U.S.-based automaker and taken only by General Motors, with its history dating back to 1903. This milestone was hit in November of 2024 when the Dogecoin price spike sent its market cap to around $60BN. Nevertheless, by the time of writing, both bigwigs are revolving around the $36BN mark. Are you ready to learn more about Dogecoin’s latest milestones and improve your knowledge about the crypto market?
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Analyzing the latest data
According to the latest data, the value hit by all DOGE coins in circulation stands at over $55BN. At the same time, Ford’s capitalization on NYSE and similar exchange lists barely hit $45BN just a brief time ago. The car manufacturing company managed to record a revenue of $176 as per 2023 reports.
At the same time, DOGE saw significant price swings during 2023, with its peak value reaching $0.1019 on October 12 and its lowest dip hitting $0.0579 on December 10. Drawing the line, both ventures have experienced better years in terms of market success than 2023.
Exceeding weighty names
Dogecoin’s market value has soared to the point where it has exceeded the market capitalizations of several major US companies in November of last year, like Kellogg’s, Warner Bros. Discovery, eBay, Kraft Heinz, Delta Airlines, and Sysco, besides HP. A major contributor to the asset’s massive price spike is the re-election of Donald Trump as US president.
Crypto fans have hoped for this result when it comes to their investments in crypto, as the new administration is more crypto-friendly than any other possible alternative. Cryptocurrency is slowly entering the mainstream and gaining legal status – a win that only favors crypto investors, including Dogecoin owners. Investors anticipate that his administration will have a more relaxed approach to crypto regulations, contrasting the stricter measures implemented under the previous Democratic leadership.
Post-election crypto market boom
After previously pointing out to cryptocurrencies as a “scam,” Donald Trump has now emerged as an unexpected advocate for digital assets – a stance given away by his announcement in August about launching his own crypto platform. Crypto prices began rising in November as betting markets hinted at a Republican victory in the presidential race.
However, it was the official election results on November 5 that sparked an explosive rally. Bitcoin repeatedly broke previous records, inching towards the legendary $90K milestone for the first time to date. This rally extended beyond Bitcoin and triggered substantial gains across the whole crypto sector.
A memorable bullish time
The bullish period wasn’t limited to leading cryptos; the entire crypto sector registered significant gains. Investor enthusiasm for Dogecoin reached new heights when Trump revealed that Elon Musk—one of Dogecoin’s prominent supporters—would partake in his administration.
Musk and businessman Vivek Ramaswamy should control DOGE, a newly created department aimed at dismantling government bureaucracy and curbing excessive regulations.
Real-world use cases of Dogecoin
Despite being launched initially as a mockery of crypto, Dogecoin has grown significantly, seeing its value and real-world applications expand significantly. Some companies, like Tesla, have considered accepting it for payments, while platforms like Twitch and Reddit already use it to tip content creators. This evolution indicates that the asset is gaining popularity, which is not only attributed to the internet craze that was built but also to turning into a legitimate digital asset.
On a larger scale, Dogecoin has even been used in charity campaigns, showing that its utility goes beyond speculative trading. Organizations like The Giving Block, a pioneer in crypto philanthropy, accept crypto donations in safe, compliant, and donor-oriented ways, with DOGE on their asset list.
Dogecoin’s expanding influence
Dogecoin’s mark on social media and popular culture, attributed to things like boundless tweets and reels, has played a substantial role in the asset’s growth. High-profile support from celebrities like Snoop Dogg and Mark Cuban, as well as endorsement from tech entrepreneurs such as Elon Mush, have sparked widespread interest.
Social media platforms like Reddit and ex-Twitter X have only increased the discussions surrounding Dogecoin, leading to community-driven initiatives that further solidify the asset’s standing in the market. Similar endorsements, should they keep flowing, should only support this upward trajectory of the asset.
Market insights
Experts’ views on Dogecoin’s future seem to be mixed. While some foresee substantial growth due to increasing community support and potential real-world applications, others warn about its volatility and lack of intrinsic value. However, if DOGE’s trading volume hits the impressive $20BN point, as speculated, the asset’s price could see substantial growth. Some speculate that the price hikes could potentially send it to the $2.21 point.
The takeaway
Dogecoin’s notable journey from a mockery initiative to top crypto underscores its unexpected market impact. It has exceeded the market valuations of established companies like HP and Ford as it has gained influence and acceptance among seasoned and new investors. The cryptocurrency’s significant 2023 price fluctuations, together with the hopes created by Donald Trump’s pro-crypto administration, have fueled investor optimism, resulting in a notable surge in market capitalization.
Moreover, Dogecoin’s real-world applications emphasize it gains interest that goes beyond mere speculation. It’s known for feats ranging from payment acceptance by major companies like Tesla to its use in charitable donations in the Giving Block. And with endorsements from high-profile figures and an active community driving discussions on social media, the asset continues to garner attention and support.
While the future remains uncertain, with mixed predictions about its potential growth, the cryptocurrency’s trajectory suggests that it is carving a legitimate space in the financial landscape.
