Dogecoin's total market value has surpassed that of SpaceX, having doubled in the last week.
See also: NASA: Chooses SpaceX to land astronauts on the Moon
The cryptocurrency, which has become particularly popular lately, largely due to Elon Musk’s statements, traded above $0.60 on Thursday, putting its market cap at $78 billion. That makes it $4 billion more than the estimated valuation of Elon Musk’s private rocket company, according to recent SEC filings.
Last week, Mr. Musk hinted that he would make a reference to the cryptocurrency during his upcoming appearance on Saturday Night Live, saying in a tweet: “The Dogefather SNL May 8.”
See also: Dogecoin price skyrockets after Musk's comment
Dogecoin's latest price rally has seen its value increase by more than 30,000 percent since the same period last year, despite cryptocurrency experts claiming that its underlying technology and overall utility are second-rate compared to other cryptocurrencies like bitcoin or Ethereum.
“We all know that the cryptocurrency world is equally crazy and volatile. Social media has been a key factor in the growth of dogecoin … it has become a currency of the rebels,” said Antony Portno, founder of the information website Traders of Crypto.
In its monthly market report published on Wednesday, Kraken attributes dogecoin's newfound popularity to the "meme stock" culture driven by online retail investor forums on sites like Reddit.
See also: Dogecoin: Its supporters want to increase its price even more
On the popular sub-Reddit r/dogecoin, users urged dogecoin investors not to sell, even if the price rises above $1.
Many fear that a massive sell-off at this point could trigger a spectacular price drop similar to that seen in 2018, when the price of dogecoin fell by more than 80%.
Despite its volatility, some analysts remain bullish on dogecoin's potential in 2021. "We see a higher probability of dogecoin reaching $1 in the coming days, with a potential to rise to $5 later in 2021, amid growing interest in social media," said Jesse Cohen, senior analyst at uk.Investing.com.
