Dogecoin may have a higher value of Twitter and Ford.
Is Dogecoin worth more than Twitter?
Dogecoin — a meme-based cryptocurrency — is currently being valued at $49.8 billion, which is higher than Ford ($45.2 million) and Twitter ($44.1 billion), per Yahoo! Finance.
And the company ranks at No. 255 on the Asset Dash rankings, which is right below No. 254 Newmont Corporation, which is the biggest gold-mining company in the world.
- “Dogecoin being valued higher than a traditional commodity-based company like Ford or just lower than one like Newmont Corporation continues the longstanding paradox that faces traditional investors with cryptocurrencies holding no physical value,” according to Yahoo! Finance.
What’s holding Dogecoin back?
Dallas Mavericks owner Mark Cuban recently explained that Dogecoin may be held back because it isn’t available to use for buying products right now.
- “Meme coins like Doge only work if they gain utility and users use them for that utility,” he tweeted.
- “As long as more companies take doge for products/services, then Doge can be a usable currency,” he tweeted.
Part of that problem stems from the app Robinhood, where people can buy and sell their cryptocurrencies. The app currently doesn’t allow people to withdraw their Dogecoin holdings.
But Robinhood CEO Vlad Tenev said the app will probably change that and allow people to withdraw their Dogecoin and cryptocurrency holdings in the near future.