Dogecoin, a meme-inspired cryptocurrency that was started as a joke in 2013, is now worth $80 billion after a gravity-defying year-to-date rally of more than 13,000%, based off of Wednesday afternoon prices.
Dogecoin differs from bitcoin in that there is no hard limit on the total supply of coins. Bitcoin has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 129 billion coins outstanding, with 5 billion in new coins hitting the supply every year.
Even the founder of dogecoin, Billy Markus, can't make sense of the surge in the coin he started as a joke. Markus told The Wall Street Journal in February, "The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense."
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Markus sold all of his dogecoins in 2015 and used the proceeds to purchase a Honda Civic, as even he couldn't foresee the outsized influence a shiba dog would have on people's investment decisions.
Dogecoin's unlimited supply and the bewilderment of its founder hasn't stopped investors from piling into the meme token, making it now more valuable than these 10 well-known companies, based off of Wednesday afternoon prices.
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