Dogecoin is now worth $78 BILLION – almost double Ford and Twitter – ahead of Elon Musk’s SNL gig

Dogecoin is now valued at a whooping $78 billion, making the once-comedy cryptocurrency worth almost double that of Ford and Twitter

The meme-based virtual currency has soared to an all-time high, rising in value 100 per cent in the past week alone, and extending its 2021 rally to become the fourth-biggest digital coin.

That’s ahead of chief backer and self appointed ‘Dogefather’ Elon Musk‘s controversial Saturday Night Live hosting gig. 

The Tesla CEO has promised the coin will appear in one of his sketches. Musk has previously tweeted: ‘One word: Doge’ and ‘Dogecoin rulz’.   

A market capitalization of $78 billion puts Dogecoin, founded in 2013, ahead of other more well established brands and companies including Sherwin-Williams which is valued at $75.8 billion; Dell Technologies, value $75 billion; Moderna, value $63.1 billion; Ford Motor Company, valued $45.2 billion; and Twitter, value $42.1 billion.  

After SNL announced on Saturday that Musk will host the May 8 episode, cast members Bowen Yang and Aidy Bryant posted Instagram Stories taking aim at the billionaire.

They are believed to be unhappy that a business tycoon has been chosen to host the show instead of a figure from the arts, although Musk’s outlandish tweets and ambitious projects have made him a pop culture icon.  

Dogecoin is now valued at a whooping $78 billion, making the once-comedy cryptocurrency worth more than Ford and Twitter. It’s value over the last 24 hours is shown 

The meme-based virtual currency has soared to an all-time high, rising in value 100 per cent in the past week alone, and extending its 2021 rally to become the fourth-biggest digital coin. Its value over the last year is shown

The meme-based virtual currency has soared to an all-time high, rising in value 100 per cent in the past week alone, and extending its 2021 rally to become the fourth-biggest digital coin. Its value over the last year is shown 

Chief backer and self appointed 'Dogefather' Elon Musk's will host Saturday Night Live on May 8. He is pictured Tuesday

Chief backer and self appointed ‘Dogefather’ Elon Musk’s will host Saturday Night Live on May 8. He is pictured Tuesday 

A market capitalization of $78 billion puts Dogecoin, founded in 2013, ahead of other more well established brands and companies including Sherwin-Williams which is valued at $75.8 billion; Dell Technologies, value $75 billion; Moderna, value $63.1 billion; Ford Motor Company, valued $45.2 billion; and Twitter, value $42.1 billion

A market capitalization of $78 billion puts Dogecoin, founded in 2013, ahead of other more well established brands and companies including Sherwin-Williams which is valued at $75.8 billion; Dell Technologies, value $75 billion; Moderna, value $63.1 billion; Ford Motor Company, valued $45.2 billion; and Twitter, value $42.1 billion

Dogecoin, launched as a satirical critique of 2013’s cryptocurrency frenzy, has climbed to $0.6 as of Wednesday morning, according to CoinMarketCap.

That means an investor who paid in $1,000 on January 1 would now have around $120,000. 

This year alone it has soared over 14,000%, from $0.00468 on December 31, taking it past more widely used cryptocurrencies such as the Tether stablecoin and XRP to become the fourth-largest by market capitalization.

Dogecoin – whose logo features a Shiba Inu dog at the center of the meme – remains little used in commerce or payments. Like other digital coins, it is highly volatile and its price is heavily influenced by social media users.

The meme-based virtual currency soared on Wednesday to an all-time high, extending its 2021 rally to become the fourth-biggest digital coin

The meme-based virtual currency soared on Wednesday to an all-time high, extending its 2021 rally to become the fourth-biggest digital coin

On Tuesday, the New York crypto exchange Gemini said it would start letting users trade and custody the token.

Its CEO Tyler Winklevoss said: ‘Dogecoin is the people’s money. It’s organic, irreverent, and fun. It’s not forced on us by a government or some other central authority, it’s chosen by us, for us — by the people, for the people. Wow.’

The Oakland Athletics said they will now also accept Dogecoin for ticket sales, becoming the first baseball team to do so. 

Basketball team the Dallas Mavericks also accept the currency. 

Owner Mark Cuban said: ‘As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. 

‘Yes, a joke is now legit.’ 

The Tesla CEO has promised the coin will appear in one of his sketches. Musk has previously tweeted: 'One word: Doge' and 'Dogecoin rulz'

The Tesla CEO has promised the coin will appear in one of his sketches. Musk has previously tweeted: ‘One word: Doge’ and ‘Dogecoin rulz’

Some cryptocurrency market players said its volatility was its main draw, with a mixture of retail investors and market makers fueling its trading volumes.

‘The ugly truth is that a lot of crypto valuations are divorced from reality anyway,’ said Joseph Edwards, head of research at crypto brokerage Enigma Securities.

‘Right now, (Dogecoin) is being seen as it’s always been seen – an asset with surprising staying power that provides opportunities to take advantage of volatility every year or so.’

Dogecoins are now cumulatively worth $78 billion, compared to bitcoin’s $1 trillion and ethereum’s $411 billion.

After SNL announced on Saturday that Musk will host the May 8 episode, cast members Bowen Yang and Aidy Bryant posted Instagram Stories taking aim at the billionaire. Musk and his girlfriend Grimes head for dinner on Tuesday in NYC

After SNL announced on Saturday that Musk will host the May 8 episode, cast members Bowen Yang and Aidy Bryant posted Instagram Stories taking aim at the billionaire. Musk and his girlfriend Grimes head for dinner on Tuesday in NYC