- Dogecoin has been on a rise in past few days.
- It has surpassed SpaceX in market cap.
- Elon Musk has been promoting Dogecoin.
It's not a secret that Elon Musk is one of the biggest believers in cryptocurrency. He has invested a lot in Bitcoin, so has Tesla and Musk has been promoting Dogecoin since the beginning of this year. But, even the Dogefather would not have expected DOGE to become bigger than one of his companies, that too in such a short time. Dogecoin was on a dream run in the first half of this week, touch Rs 58-mark, before falling to around Rs 44 (at the time of writing).
However, during this run, the market capitalisation of DOGE went up to whopping $86 billion. The company left a number of high profile companies behind in terms of value. Interestingly, this includes Elon Musk's own aerospace company SpaceX. The estimated valuation of Elon Musk's privately held rocket company is $74 billion, according to recent SEC filings.
It's ironical and incredible at the same time that it is Musk who has helped Dogecoin reached record heights. The Tesla chief had last week hinted that he would make reference to the cryptocurrency during his upcoming appearance on Saturday Night Live, tweeting: "The Dogefather SNL May 8".
Dogecoin price in India and other parts has been going up since then. It is expected to get a further boost when Musk actually appears on the show. However, the change in value depends entirely on what Musk goes on to say during his SNL appearance.
Dogecoin has already grown over 8000 per cent this year and is currently the fifth most valuable cryptocurrency in the world.
Musk's favourite crypto has found support from other voices too. Mark Cuban known for his financial decisions tweeted "If I had to choose between buying a lottery ticket and #Dogecoin .....I would buy #Dogecoin. But please don't ask me to choose between it and anything else."
The problem with Dogecoin and other cryptocurrencies remain to be the lack of proper trading infrastructure. As more investors came onboard last week, several trading platforms including India's WazirX and US' Robinhood crashed, stopping investors from selling their coins. Several users then took to social media platforms complaining that they suffered losses because of this.