Dogecoin DOGE/USD, the cryptocurrency that was originally created as a joke, which saw a massive surge in value last year, has passed the market capitalization of Coinbase Global Inc COIN, and Robinhood Markets Inc HOOD, as the “crypto-winter” chills the share prices of the publicly traded companies.
What Happened: Dogecoin’s current price is $0.07, giving it a market cap of $9.65 billion.
Compared to Coinbase, which has a market cap of $7.98 billion, with shares trading at just $35.17, down from all-time highs of $357.39.
Robinhood, where users can trade both stocks and cryptocurrency, has a market cap of $7.27 billion, with shares trading at $8.23, down from all-time highs of $70.39.
Why It Matters: Dogecoin's rise in popularity is the product of the influence of social media and online communities. The meme coin has become a popular topic on platforms such as Reddit, with many users expressing support for the token and encouraging others to invest in the meme coin.
The buzz translated into real-world demand for Doge, leading to the dramatic increase in its price last year, which has since fallen back to below the ten-cent level.
Another factor contributing to Dogecoin's success is the support it has received from high-profile figures, including Tesla CEO Elon Musk.
Musk has been a vocal advocate for Doge, frequently tweeting about the cryptocurrency and even once changing his Twitter bio to include a reference to the Shiba Inu-themed coin.
It's worth noting, however, that the cryptocurrency market is highly volatile and the value of any given cryptocurrency can fluctuate dramatically over time, as seen with the price of Doge.
Read next: Crypto Named After Elon Musk's Pet Surges 11% Even As Dogecoin, Shiba Inu Slide
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