Dogecoin (DOGE), the popular cryptocurrency that emerged as a joke in 2013, now has a market cap of $52 billion after tripling in the past 24 hours.
That’s bigger than several major banks such as Barclays, which has a market cap of $44 billion.
- For comparison, Lloyds Banking Group has a market cap of $42 billion, Bank of New York at $42 billion, and Credit Agricole at $43 billion.
- DOGE has rallied nearly 160% in the past 24-hours and is trading around $0.37 at press time. It's climbed six-fold over the past week.
- DOGE’s market cap has also surpassed bitcoin cash (BCH) and chainlink (LINK) and is now ranked as the fifth most valuable cryptocurrency, according to Messari.
- On Thursday, the smoked meat stick vendor Slim Jim gave Dogecoin a shout-out on its earnings call after several DOGE snack memes populated social media.
- DOGE trading volume is now higher than ETH at roughly $60 billion in past 24 hours versus $43 billion respectively.
It’s important to note that the market capitalization of DOGE is based on an assumed number of outstanding tokens, but many of them are presumed to be no longer in circulation.
Back in 2013, $16,000 worth of dogecoins vanished as a storage service wallet was hacked. The incident resulted in over 30 million missing coins, according to CNET.
Read More: Why We Should Take Dogecoin Seriously