Dogecoin is a cryptocurrency that has skyrocketed in popularity. Dogecoin had a rough April 2021, falling to nearly Rs 16 per unit but on Monday night it surged by over 45 percent taking it's value to 51 rupees. DOGE has now surpassed Honda Motor Co. Ltd in terms of market capitalization as a result of the latest increase. Honda has a market capitalization of $54.52 billion, while Dogecoin has a market capitalization of $86 billion.
This is notable because Dogecoin co-founder Billy Markus recently announced that in 2015, he sold all of his cryptocurrency assets in order to buy a Honda Civic but later he admitted that he never bought the car and instead used the $10,000 from the Dogecoin sale to pay his rent.
Dogecoin was invented in 2013 as a joke by software engineers Billy Markus and Jackson Palmer, and it was never intended to be taken seriously. He had no idea that his cryptocurrency would become one of the world's most famous digital currencies. In the year 2021, Dogecoin has provided the best returns of any cryptocurrency. It has increased by over 8000 percent, while Bitcoin has returned 91.29 percent.
The market capitalization of Dogecoin places it ahead of companies such as Emerson Electric Co and Vodafone Group Plc.