The popularity of Dogecoin has skyrocketed. Yes, that is the phrase used to describe cryptocurrency's recent rise.
Dogecoin had a rough end to April 2021, falling to nearly Rs 16 on Monday night, but has since risen by over 45 percent, bringing its value to Rs 51. (at the time of writing). DOGE has now surpassed Honda Motor Co. Ltd in terms of market capitalization as a result of the recent increase. Honda has a market capitalization of $54.52 billion, while Dogecoin has a market capitalization of $86 billion.
The occasion is notable because Dogecoin co-founder Billy Markus recently announced that he sold all of his cryptocurrency shares in 2015 for the price of a used Honda Civic at the time.
Markus explained in a March interview with Benzinga that the almost $10,000 he received from selling his cryptocurrency portfolio in 2015 was used to pay the debt, not to buy a used car.
Markus stated, "I've always said was I sold everything for about as much as it would cost to buy a used Honda Civic. This was all my crypto too, I had Litecoin and Bitcoin and DOGE and a bunch of other ones."
According to CoinMarketCap numbers, the Shiba Inu-themed cryptocurrency is now the fifth-largest cryptocurrency by market cap. In 2021, Dogecoin has generated the highest returns of any cryptocurrency. The meme coin has already outpaced the biggest cryptocurrency by market capitalization in terms of year-to-date returns.
DOGE has a year-to-date increase of 8,792.74 percent, while BTC has a year-to-date gain of 91.29 percent. The recent surge came ahead of Elon Musk's performance on Saturday Night Live on May 7, where he is scheduled to discuss the Doge.
Tesla's CEO has been a vocal supporter of Dogecoin, recently referring to himself as Dogefather in a mysterious tweet. Meanwhile, in the last two days, the blockchain has attracted so much attention that big exchange sites in India and abroad have collapsed. For nearly an hour, WazirX, one of India's biggest cryptocurrency trading sites, was unavailable. Because of the surge in investor demand, Robinhood's trading app even crashed.
