Dogecoin (DOGE), which hit an all-time high near the 45-cent level on Monday night, has now surpassed automaker Honda Motor Co. Ltd. (NYSE:HMC) in terms of market capitalization.
What Happened: The joke cryptocurrency has risen 10.8% in the past 24 hours to $0.4245 at press time, giving it a market capitalization of $54.64 billion. In comparison, Honda has a market capitalization of $54.52 billion as per Monday's close.
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The event is significant as Dogecoin co-creator Billy Markus recently revealed that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost at that time.
See Also: How to Buy Dogecoin (DOGE)
Markus clarified in an interview with Benzinga in March that he actually never purchased a used car by selling his cryptocurrency holdings for nearly $10,000 in 2015, but used it to pay rent.
Dogecoin’s market capitalization also puts the joke cryptocurrency ahead of companies like Emerson Electric Co. (NYSE:EMR) and Vodafone Group Plc (NASDAQ:VOD).
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Emerson has a market valuation of $54.56 billion and Vodafone has a market valuation of $54.18 billion, as per Monday’s close.
See Also: Will Cardano Or Dogecoin Grow More By 2022?
Why It Matters: Dogecoin hit an all-time high on Monday just days ahead of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s scheduled appearance on “Saturday Night Live” where the joke cryptocurrency is expected to feature. Musk is a big supporter of Dogecoin.
The Shiba Inu-themed cryptocurrency is now the fifth-largest cryptocurrency by market cap, as per CoinMarketCap data.
The apex cryptocurrency Bitcoin (BTC), which hit an all-time high last month of $64,863.10, is down 3.5% in the past 24 hours at $55,757.48.
In terms of year-to-date returns, the meme coin has far outpaced the largest cryptocurrency by market capitalization. DOGE has returned year-to-date gains of 8,792.74%, while BTC’s returns comparatively pale at 91.29%.
Read Next: How Dogecoin May Become A Usable Currency Like Any Other, As Per Mark Cuban
Photo by Furtherfield Gallery on Flickr