Dogecoin, the joke cryptocurrency beloved by Elon Musk, appears to have surpassed his own space company in value.
The meme-inspired cryptocurrency was trading above $0.60 on Thursday which, when extrapolated out, gives it a market cap of about $78 billion.
SpaceX, by comparison, has a current market cap of $74 billion. And it just managed to land a spaceship that could one day take us to Mars.
Meanwhile, Dogecoin has doubled in value over the last week as the internet latched on to the crypto.
Musk in particular has been key in pushing up the price of Dogecoin. The billionaire joked on Twitter this week that he’ll reference the cryptocurrency when he appears on Saturday Night Live.
To put Dogecoin’s staggering rise in perspective – it has increased in value by more than 30,000% since this time last year.
Does that mean you should buy it? No, it really doesn’t.
What is Dogecoin?
As cryptocurrencies started to gain momentum, due to the availability of the underlying technology – blockchain – ‘Dogecoin’ was created as a joke.
Everything about the cryptocurrency is designed to appeal to internet culture. The Shiba inu dog that is the face of dogecoin rose to fame after a meme of the breed went viral.
Meanwhile, the crypto lists its creators as Mr Palmer and Shibetoshi Nakamoto – a play on the mysterious creator of Bitcoin, Satoshi Nakamoto.
On its website, Dogecoin states: ‘Dogecoin is an open source peer-to-peer digital currency, favoured by Shiba Inus worldwide.’