Dogecoin draws back After Topping Kraft and Ford in Market Value

According to the data provider, the total value of all Dogecoins in the world suddenly rose to $50 billion. But Later, the digital token retreated by around 20% on Tuesday. It reduced its market value by about $10 billion.

The increase had made it more extensive than the market cap of Kraft Heinz and Ford. That was nearly almost equal to Twitter.

Nobody thinks that these blue-chip stocks are comparable to Dogecoin, which is a fringe asset without purpose besides being a joke on social media. But the similarity of their market values calls attention to the boom in cryptocurrencies which storms Wall Street.

All of this is a part of the dizzying route for Dogecoin, which has pleased followers of alt coins. But it dismayed multiple crypto enthusiasts for detracting from its more valuable endeavors.

In the meantime, other cryptocurrencies have been sunk in a slump as euphoria wears off. The world’s most significant token, Bitcoin, outlined around 1% after falling four days in a row.

Dogecoin versus Bitcoin

the historic stock market debut of cryptocurrency exchange operator Coinbase fueled Bitcoin’s recent gains. On April 14, it launched a listing on the Nasdaq. Shares of Coinbase, traded under the ticker COIN. It was at $381 that gave the company a valuation of about $99.5 billion.

The popularity of cryptocurrency has increased after Tesla, Mastercard, BNY Mellon, Twitter, and square expressed growing interest in digital currencies. On Tuesday, Venmo announced that it would allow users to buy, hold and sell cryptocurrency. WeWork also announced that it would accept crypto as a payment method.

Many celebrities, including Elon Musk, Gene Simmons and Lindsey Lohan showed their interest in Bitcoin.

On the other hand, Dogecoin sparked the interest of various investors after several celebrities, including Snoop Dogg and Elon Musk brought it up on social media.