Dogecoin, the red-hot cryptocurrency that started life as more of a joke than anything else, is now the fourth largest cryptocurrency in the world by market cap following an impressive run over the last month.
The virtual currency, which utilizes the face of a Shiba Inu hunting dog from the “Doge” meme as its logo, is trading at $0.67 as of writing. That doesn’t seem like a big deal at face value, but what’s important to note here is the sheer number of coins in circulation: 129.33 billion as of writing.
For comparison, Bitcoin, the world’s largest cryptocurrency by market cap, will only ever have 21 million coins minted (and that isn’t expected to happen until around 2140). What’s more, some percentage of those coins have been “lost” to various circumstances (for example, someone holding a couple coins dies and their family is unable to recover them from their digital wallet). Thus, the true number of coins that’ll be in circulation will be lower.
Speaking of market cap, Bitcoin’s cap is around $1.05 trillion as of this writing, while Dogecoin is sitting at $85.51 billion. Ethereum has a current market cap of $390.59 billion. Litecoin, another leading virtual currency, has a cap of $23.67 billion as of today.
Dogecoin has developed a solid community following on platforms like Reddit, and serial entrepreneur Elon Musk occasionally tweets about it. Since his last tweet about it, where he also announced he would he hosting Saturday Night Live on May 8, Dogecoin has doubled in value.