Dogecoin has overtaken SpaceX’s valuation

After doubling in price over the past week, Dogecoin has surpassed SpaceX in terms of total market value.

According to recent SEC filings, the meme-inspired cryptocurrency was trading above $0.60 on Thursday, placing its market cap at $78 billion – $4 billion more than the estimated valuation of Elon Musk’s privately owned rocket business.

The tech billionaire, who has frequently promoted Dogecoin via Twitter, has contributed to the remarkable gains. Musk hinted last week that he would mention Dogecoin during his upcoming appearance on Saturday Night Live, tweeting: “The Dogefather SNL May 8.”

Despite some crypto analysts arguing that its underlying technology and overall usefulness are inferior to other cryptocurrencies like bitcoin or ethereum, Dogecoin’s current record price surge has seen its value rise by more than 30,000 percent since this time last year.

“On face value, it is a complete mystery as to why dogecoin continues to grow: it is a meme coin, with bad tokenomics and no development,” said Antony Portno, founder of cryptocurrency information site Traders of Crypto.

“We all know the world of crypto is in equal measure crazy and fickle. Social media has been the key contributor to the growth of dogecoin… it has become an anti-establishment rebel coin.”

Dogecoin’s newfound popularity, according to cryptocurrency exchange Kraken’s monthly market report released on Wednesday, is due to a culture of “meme stocks” fuelled by online forums of retail investors on sites like Reddit.

“Dogecoin is, after all, the original ‘meme asset’,” the report stated. “This is an extension of the value that cryptocurrencies derive from vibrant and growing communities that give rise to network effects.”

Dogecoin investors were advised not to sell on the famous r/dogecoin subreddit, even if the price rose above $1.

Many believe that a mass sell-off at this stage would result in a dramatic price collapse similar to the one that occurred in 2018, when the price of dogecoin dropped by more than 80%.

Despite its uncertainty, some analysts are optimistic about the price prospects of Dogecoin in 2021.

“We see a greater likelihood that dogecoin will reach the $1-mark in the coming days, with probability rising for DOGE to rally to as high as $5 later in 2021 amid soaring social media interest,” said Jesse Cohen, senior analyst at

“Dogecoin mania has shown once again the power of the retail crowd. Growing acceptance by retail traders and mounting support from high-profile billionaires will continue to add to the legitimacy of the meme cryptocurrency.”

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