dogecoin DOGO/USDthe cryptocurrency that was originally created as a jokewhich experienced a massive increase in value last year, has surpassed the market capitalization of Coinbase Global Inc. COINY Robinhood Markets Inc HOODwhile the โcrypto-winterโ cools the prices of the shares of the publicly traded companies.
What happened: Dogecoin's current price is $0.07, giving it a market capitalization of $9.65 billion.
Compared to Coinbase, which has a market capitalization of $7.98 billion, with shares trading at just $35.17, down from all-time highs of $357.39.
Robinhood, where users can trade both stocks and cryptocurrencies, has a market capitalization of $7.27 billion, with shares trading at $8.23, down from all-time highs of $70.39.
Because it is important: Dogecoin's rise in popularity is a product of the influence of social media and online communities. The meme coin has become a popular topic on platforms like Reddit, with many users voicing their support for the token and encouraging others to invest in the meme coin.
The buzz translated into actual demand for Doge, leading to a dramatic increase in its price last year, which has since dipped back below the dime level.
Another contributing factor to Dogecoin's success is the support it has received from high-profile figures, including the CEO of Tesla. Elon Musk.
Musk has been a staunch supporter of Doge, frequently tweeting about the cryptocurrency and even once changing his Twitter bio to include a Shiba Inu-themed reference to the coin.
However, it is worth noting that the cryptocurrency market is very volatile and the value of any cryptocurrency can fluctuate dramatically over time, as seen with the price of the doge.
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