By Jon Jackson
News Editor
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Dogecoin has become the favorite among many crypto traders and investors in recent weeks. On Thursday, many of its proponents took to social media to proclaim victory as the digital currency is now currently two times bigger than Swiss lender Credit Suisse.
At this time, Dogecoin is worth more than $50 billion, considerably higher than the valuation of $23.9 billion for Credit Suisse and $32 billion for Barclays.
Supporters celebrated Dogecoin success while using Credit Suisse as an example of an old institution that doesn't match the worth of the cryptocurrency.
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Credit Suisse has been struggling recently. In early April, the lender revealed it was expecting heavy losses in the wake of the collapse of U.S. hedge fund Archegos Capital. The bank, which is more than a century-and-a-half old, took a charge of $4.7 billion as a result and projected a first-quarter pre-tax loss of around $960.4 million.
Dogecoin, meanwhile, has been riding high on a wave of good publicity from the likes of Tesla's Elon Musk, who has tweeted enthusiastically about it. The cryptocurrency had an especially successful day on Tuesday, which traders dubbed "Doge Day." (On that day, April 20, Dogecoin, was briefly worth $54 billion.) It ended up rallying by more than 450 percent over a seven-day period, and its value is up 6,560 percent year-to-date.
For the unfamiliar, Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. Though there's been much speculation about the true worth of cryptocurrency, and a fair share of naysayers who write off Dogecoin's success as nothing more as fad among young traders and investors, many people aren't keen to completely dismiss something that's not more valuable than Ford.
A tweet on Tuesday read: "As at today, Dogecoin is worth more then Credit Suisse and Deutsche bank combined. Let that sink in for a second."
Yet, not everyone was praising the news. While acknowledging the fact that Dogecoin is worth more than Credit Suisse, another Twitter user still called the currency "a quite literally useless asset."
A typical tweet from Musk humorously promotes Dogecoin. This week, he also retweeted a message he posted last summer predicting the success of the currency that features the likeness of a Shiba Inu dog from a popular internet meme.
Dogecoin's cryptocurrency competitors received good news of their own on Tuesday: PayPal's mobile payment app Venmo announced that day it will now allow users to buy, hold and sell four different cryptocurrencies—bitcoin, ether, litecoin and bitcoin cash—with a minimum spending requirement of $1.
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