Why Dogecoin Now Has a Larger Market Cap Than Ford, Delta, and General Mills

Investopedia2024-11-14

Key Takeaways Amid the post-election cryptocurrency rally, dogecoin's market value has surpassed that of companies like Ford and General Mills.Tesla CEO Elon Musk has repeatedly promoted dogecoin and ...

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The coin's surge has pushed its market cap to about $60 billion, making the original meme coin more valuable than household names like Ford , Delta Air Lines , and General Mills .On Tuesday, Trump announced that Musk and entrepreneur Vivek Ramaswamy, a ","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","PAC":"太平洋航空","TSLA":"特斯拉","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4516":"特朗普概念","BK4532":"文艺复兴科技持仓","COIN":"Coinbase Global, Inc.","BK4554":"元宇宙及AR概念","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4592":"伊斯兰概念","DAL.AU":"DALAROO METALS LTD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4008":"航空公司","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","DAL":"达美航空","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1989763690.USD":"东方汇理世代食品基金A2 Acc","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4555":"新能源车","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4588":"碎股","BK4550":"红杉资本持仓","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4500":"航空公司","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","PAC.AU":"PACIFIC CURRENT GROUP LTD","GIS":"通用磨坊","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","BK4574":"无人驾驶","BK7095":"多种金属与采矿","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2063271972.USD":"富兰克林创新领域基金","BK4112":"金融交易所和数据","F":"福特汽车","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc"},"translate_title":"为什么狗狗币现在的市值比福特、达美航空和通用磨坊还要大","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":1,"GIS":1,"F":1,"DAL.AU":1,"DAL":1,"COIN":1,"PAC":1,"PAC.AU":1},"content_text":"Key Takeaways\nAmid the post-election cryptocurrency rally, dogecoin's market value has surpassed that of companies like Ford and General Mills.Tesla CEO Elon Musk has repeatedly promoted dogecoin and spent millions in support of President-elect Donald Trump's campaign.Trump on Tuesday said Musk and Vivek Ramaswamy will lead an advisory \"Department of Government Efficiency,\" of DOGE.\n The price of dogecoin (DOGEUSD, DOGE) surged on Wednesday after President-elect Donald Trump appointed backers Elon Musk and Vivek Ramaswamy to lead a new \"Department of Government Efficiency,\" or DOGE.\n\n\n An individual dogecoin was worth around 40 cents Wednesday afternoon, up from 36 cents overnight and about 17 cents before the results of the presidential election were known last Tuesday. The coin's surge has pushed its market cap to about $60 billion, making the original meme coin more valuable than household names like Ford (F), Delta Air Lines (DAL), and General Mills (GIS).\n\n\n Cryptocurrencies like Bitcoin (BTCUSD) and the stocks of crypto companies like Coinbase (COIN) have also surged in the last week. Executives across the industry have cheered Trump's win, saying they think a Trump administration is likely to be friendly to the crypto industry.\n\n\n  Musk's Connections to Dogecoin, Trump  \n Musk has been a longtime fan of dogecoin, which was born out of a photo of a Shiba Inu that became a recurring joke on the internet in the 2010s. The Tesla (TSLA) CEO has frequently taken to social media to promote the coin; he was accused in a now-dismissed lawsuit of inflating the coin's value for personal gain.\n\n\n Tesla in January 2022 began accepting dogecoin as a form of payment for some products in its online shop.\n\n\n Musk embraced Trump's candidacy this year. The political action committee (PAC) he created spent at least $200 million in support of the Trump campaign leading up to last week's election. Musk, also the CEO of SpaceX and other firms, has said he wants to help Trump cut $2 trillion in government spending in the coming years.\n\n\n  What Is the Department of Government Efficiency?  \n On Tuesday, Trump announced that Musk and entrepreneur Vivek Ramaswamy, a former rival for the Republican party's presidential nomination, will co-head a \"Department of Government Efficiency,\" a likely nod to dogecoin.\n\n\n Trump said Tuesday that the department will \"pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.\"\n\n\n The group will \"provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform,\" Trump's statement said. The Office of Management & Budget (OMB) manages the implementation of the president's agenda by developing budgets and overseeing agency performance.\n\n\n Trump did not say how large the department would be or how it would be funded.\n\nDo you have a news tip for Investopedia reporters? Please email us at\ntips@investopedia.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483866967"}