Dogecoin has risen so much in value that it’s worth more than the cryptocurrency app Coinbase.
Dogecoin surpasses Coinbase
Dogecoin hit a record high Wednesday morning, reaching close to $0.70, according to CNBC. That put the meme-based currency’s total valuation close to $87 billion (give or take).
- That is, at least by an eye test, higher than Coinbase’s market value, which is currently at $56 billion, according to CNBC.
What is Coinbase?
Coinbase went public back in the middle of April, becoming one of the first cryptocurrency apps to become a publicly traded company, as I wrote for the Deseret News. The company often allows people to buy and sell cryptocurrencies for small fees.
Per The New York Times, the rise of Coinbase shows cryptocurrency has staying power within the larger economy.
- “Cryptocurrency advocates — many of whom expect the technology to upend the global financial system — are celebrating the watershed as vindication of their long-held belief in their cause’s potential,” according to The New York Times.
Dogecoin accomplishments
Dogecoin hit some major benchmarks on Tuesday, too, reaching $0.69 per dogecoin. This put the meme-based currency at a market value of $89.70 billion, which is ahead of Snap (the parent company of Snapchat, which is valued at $84.98 billion) and General Motors Company ($80.24 billion), according to Benzinga.