- Dogecoin has soared 157% since Trump’s election victory, reaching a market valuation of $53 billion.
- The rise aligns with a broader crypto frenzy, with investors expecting Trump to boost the market.
- Other notable Dogecoin companies are now bigger than those included Allstate, Keurig Dr PepperAnd Kimberly Clark.
Dogecoin is back.
The meme-inspired cryptocurrency has surged 157% since President-elect Donald Trump’s victory last week, catapulting the token to a market valuation of around $53 billion.
This makes dogecoin worth more than Forda 121-year-old company that generated $176 billion in revenue last year and was worth about $47 billion as of Monday.
Other notable Dogecoin companies are now bigger than those included Allstate, Keurig Dr PepperAnd Kimberly Clark.
Dogecoin hit a high of $0.4355 on Tuesday morning, marking its highest level since June 2021. Dogecoin is still 33% below its all-time high of around $0.72 reached in May 2021.
The thrust coincides with a broader frenzy for cryptocurrencies, investors expect Trump to trigger a wave of deregulation that would benefit the industry. during his second term.
Trump said in July he would be the “crypto president” and its recent victory sparked a record Bitcoin rally, with the cryptocurrency hitting an all-time high near $90,000 on Monday.
The broader crypto market hit a total valuation of $3 trillion on Tuesday, representing a gain of around $700 billion since last week’s election.
The five largest cryptocurrencies by market capitalization are Bitcoin, Ethereum, Tether, Solana and BNB, also known as Binance Coin, with dogecoin taking sixth place.
Elon Musk has also been closely linked to dogecoin, having previously dubbed himself the “dogefather”.
Musk was a strong supporter of Trump during the election and was spotted at the president-elect’s Mar-a-Lago residence last week, with hopes that the CEO will at least have a say in decisions made by the next administration.
Musk said he plans to play a role during Trump’s second term. as head of the “Department of Government Effectiveness” – a made-up department that also goes by the acronym DOGE – which would focus on massive cost reduction within the federal government.