Dogecoin No Longer Pup After Tripling Past $50B, Exceeding UK Bank Barclays
DOGE now has a market value of more than $50 billion, surpassing the giant U.K. bank Barclays after tripling in price.
Updated Aug 19, 2021 at 8:50 a.m. UTC
Dogecoin (DOGE), the popular cryptocurrency created as a joke in 2013, now has a market cap of $52 billion after tripling in the past 24 hours.
That’s bigger than several major banks such as Barclays, which has a market cap of $44 billion.
- For comparison, Lloyds Banking Group has a market cap of $42 billion, Bank of New York is at $42 billion and Credit Agricole is at $43 billion.
- DOGE has rallied nearly 160% in the past 24 hours and is trading around $0.37 at press time. It's climbed sixfold over the past week.
- On Thursday, the smoked meat stick vendor Slim Jim gave Dogecoin a shout-out on its earnings call after several DOGE snack memes populated social media.
- DOGE trading volume is now higher than ETH at roughly $60 billion in past 24 hours versus $43 billion, respectively.
It's important to note the market capitalization of DOGE is based on an assumed number of outstanding tokens, but many of them are presumed to be no longer in circulation.
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Read More: Why We Should Take Dogecoin Seriously
Back in 2013, $16,000 worth of dogecoins vanished when a storage service wallet was hacked. The incident resulted in over 30 million missing coins, according to CNET.