Dogecoin, a meme-inspired cryptocurrency created in 2013, is now worth more than some of the FTSE 100’s major players including Lloyds Banking Group PLC (LON:LLOY) and BT Group PLC (LON:BT.A) after its price rose by almost 200% in the last 24 hours.
In late-afternoon trading on Friday, the price of Dogecoin was up 191.5% at US$0.37, with the unprecedented demand for the digital coin causing issues on the Robinhood trading platform overnight before its crypto services were fully restored in early morning.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Musk also caused the price of Dogecoin to surge back in early February after similarly tweeting a flurry of cryptic memes and text that was interpreted by many to be an indication of his support for the cryptocurrency.
The most recent ascent means Dogecoin, at time of writing, has a market cap of around US$48bn, or £34.7bn, surpassing Lloyd’s current market value of around £30.4bn and BT’s £14.9bn.
–Updates Dogecoin price and adds comparative market caps–