So much about this world doesn’t make sense from a macro perspective, but moving in closer to explore the cryptocurrency slice of the business world makes it even tougher to grasp reality.
Bitcoin, at least, can owe its explosive growth to legitimate business leaders (hello, Elon Musk) investing in the product, but dogecoin?
Even the co-founder of dogecoin, Billy Markus, sees the recent surge worthy of a laugh. After all, the very genesis – a shiba inu-inspired cryptocurrency based on the Doge meme — pretty much began as a joke.
“The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn’t make sense,” Markus told the Wall Street Journal.
Dogecoin is not the same as bitcoin, which has a finite supply of about 21 million coins. Dogecoin, with more than 100 billion coins, adds 5 billion in new coins every year.
Dogecoin’s 1,500% rally in 2021 is a reality, though, and it’s now worth $10 billion.
You can’t eat a dogecoin (safely) or put on a helmet and ride it, but technically its value is more than each of these businesses, according to Business Insider:
1. Wendy’s
Ticker: WEN
Market Cap: $4.6 billion
2. Shake Shack
Ticker: SHAK
Market Cap: $5.0 billion
3. Harley Davidson
Ticker: HOG
Market Cap: $5.2 billion
4. JetBlue
Ticker: JBLU
Market Cap: $5.2 billion
5. Texas Roadhouse
Ticker: TXRH
Market Cap: $6.0 billion
6. Planet Fitness
Ticker: PLNT
Market Cap: $6.5 billion
7. Grubhub
Ticker: GRUB
Market Cap: $6.6 billion
8. Blackberry
Ticker: BB
Market Cap: $7.1 billion
9. Norwegian Cruise Line Holdings
Ticker: NCLH
Market Cap: $7.8 billion
10. Under Armour
Ticker: UAA
Market Cap: $8.6 billion
11. Dropbox
Ticker: DBX
Market Cap: $9.8 billion
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