- Dogecoin surpasses established companies like Pinterest and DraftKings in market cap, highlighting meme coin’s growing popularity.
- Musk’s social media platform X explores enabling DOGE payments, potentially expanding Dogecoin’s utility in financial transactions.
Dogecoin (DOGE), has recently surpassed the market capitalizations of several established companies, including Pinterest and DraftKings.
Dogecoin garnered widespread attention on social media during the bull market of 2020 and 2021, reaching all-time highs close to $0.75, with a market cap around $100 billion.
Although its price has decreased from these peaks, Dogecoin’s value has increased by more than 100% year-to-date in 2024. Factors contributing to this increase include the overall rise in meme coin investments and comments made by Elon Musk.
The meme coin sector has expanded significantly in 2024, attracting investments in various new projects. For example, dogwifhat (WIF) reached a $4 billion market cap within four months of its launch.ย
Related: DOGE Price Rally: Can Dogecoin Beat XRP in Market Cap Race?
Dogecoin’s popularity received a boost from Elon Musk’s speculation about Tesla accepting DOGE for vehicle purchases. Musk, during a visit to Tesla’s gigafactory in Berlin, mentioned the possibility of accepting Dogecoin for purchases, citing his support for Dogecoin as “the people’s crypto.”
Additionally, social media company, X, is pursuing money transmitter licenses across several states to facilitate user payments in fiat currency and DOGE. This development could further integrate Dogecoin into mainstream financial transactions.
Read more: Dogecoin Analysis: MVRV Ratio Indicates Bullish Momentum Ahead
In 2024, Dogecoin’s market capitalization has climbed to as high as $32 billion, exceeding the market values of companies across different industries, such as Delta Airlines, HP, Dollar Tree, MicroStrategy, eBay, Fifth Third Bank, Pinterest, Roblox, DraftKings, and Kellogg’s.ย
Despite Dogecoin’s modest beginnings and a relatively small development team, it has achieved a valuation greater than many well-established companies.
The rise of Dogecoin in the financial market highlights the volatile nature of cryptocurrency and the community-driven support that can elevate a project, initially designed as a joke, to outpace the valuations of major corporations.ย
