- 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 larger than Allstate, Keurig Dr Pepper, and 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.
That makes dogecoin worth more than Ford, a 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 larger than Allstate, Keurig Dr Pepper, and 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 surge coincides with a broader frenzy for cryptocurrencies, with investors expecting Trump to unleash a wave of industry-friendly deregulation during his second term.
Trump declared in July that he would be the “president of cryptocurrency” and his recent victory sparked a record bitcoin rally, with the cryptocurrency hitting an all-time high of nearly $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 envisioned a role during Trump’s second term heading the “Department of Government Effectiveness” — a made-up department that also goes by the acronym DOGE — which would focus on massively reducing costs at the within the federal government.
