The cryptocurrency Dogecoin, which hit an all-time high near 49 cents last Monday night, has surpassed Honda Motor Co. Ltd.’s market value.
This comes after the cryptocurrency, which originated as a joke, rose by 26.64 percent to reach $ 0.4864, bringing its market value to $ 62.7 billion, which is much higher than Honda’s market value of $ 54.52 billion at Monday’s close.
The market value of the cryptocurrency Dogecoin exceeded that of Honda, a strange paradox, as one of the founders of the cryptocurrency, Billy Marcus, revealed that he sold his entire cryptocurrency holdings in 2015 for an amount equivalent to the cost of buying a used Honda Civic at that time.
In an interview with Benzinga in March, Marcus explained that he never bought a used car by selling his cryptocurrency holdings for nearly $ 10,000 in 2015, but he used it to pay the rent.
Dogecoin’s market cap – the cryptocurrency created to mock Bitcoin – also represents a higher value than giants such as Emerson Electric and Vodafone Group.
Emerson’s market value is $ 54.56 billion, while Vodafone’s market value is $ 54.18 billion, according to Monday’s close.
Dogecoin is currently the fifth-largest cryptocurrency by market value, according to CoinMarketCap data. Its market value has increased by 9966 percent since the beginning of the year, as it was trading at $ 0.004832.