Dogecoin Beats Coinbase By $2 Billion In Market Cap – Still A Joke Now?

As Coinbase CEO Brian Armstrong bared plans on Monday to outline an actionable framework for achieving regulatory clarity in the cryptocurrency space, something came up that might require some of his attention: his crypto exchange has just been overtaken in the market value department by a token most people see as a joke. Dogecoin (DOGE) momentarily hit its biggest market value of approximately $89 billion on May 8, 2021, with a token price of $0.6818. Related Reading: Can Ethereum Prevent More Losses As Altcoin King ETH Slips 7% In Last 7 Days? Dogecoin – More Bite Than Bark? As of this writing, DOGE is trading at $0.074608, down 18% in the last seven days. But the price decline shouldn’t matter much, as the coin now sits on the No. 8 spot in the ranking of the world’s top crypto, with a market cap of $10.24 billion, data from Coingecko show. Chart: Coingecko In comparison, Coinbase Global has a market valuation of about $8 billion. So, that’s a little more than $2 billion in difference between the exchange and the joke coin, Bloomberg reported. In a report by Bloomberg, it says that Dogecoin’s value has risen to almost $9 billion, and the exchange’s market cap is now at $8 billion. Coinbase is trailing behind meme crypto Dogecoin in terms of market value https://t.co/RCe3ZDCp1t — Bloomberg Markets (@markets) December 19, 2022 The Joke’s On Who Now? Although the disparity does not directly determine the underlying value of either project, it may demonstrate how a crypto asset that few take seriously can outperform the shares of the largest public digital-asset exchange in the United States. Coinbase now has a lower market capitalization than Dogecoin lol — Will Clemente (@WClementeIII) December 19, 2022 Dogecoin has gained popularity on social media because of its Shiba Inu dog emblem and the backing of numerous celebrities. Support from prominent personalities, like Elon Musk, is one of the most significant reasons for the success of the coin. Since the billionaire CEO of Tesla acquired Twitter in October, Dogecoin’s value has risen significantly, but it has fallen alongside other top cryptocurrencies owing to the collapse of FTX. Chart: Watcher Guru Meanwhile, Google data indicates that Coinbase’s market capitalization is currently $8.1 billion. The market capitalization of DOGE is approximately $1.8 billion greater than that of the native cryptocurrency of the exchange, COIN. Coinbase has been one of the hardest-hit crypto companies as investors pulled out their assets from exchanges in the face of a continuing crypto winter. This year, the exchange has sacked roughly 1,200 employees. Related Reading: Tron Snags 2nd Place In TVL – What Does This Mean For TRX Price? DOGE total market cap rises to the $9.88 billion mark today | Chart: TradingView.com https://t.co/jyvPrut2b5 — Watcher.Guru (@WatcherGuru) December 19, 2022 According to Chief Financial Officer Aleecia Haas, Coinbase will have a “more conservative bias” in 2023. In light of the recent DOGE price volatility, it is clear that the cryptocurrency market is highly unstable and that the value of any individual digital asset can vary greatly over time. “Dogecoin has no real connection to the macro, but instead is driven almost fundamentally by headlines and hype,” Michael Safai, partner at crypto trading firm Dexterity Capital, said.