Dogecoin price: $1 target edging closer as DOGE rally smashes through $0.50 barrier

DOGE prices have also hit a new, all-time high of £0.357263 ($0.495439) earlier this week but have already broken past that level to £0.370735 ($0.514487) and higher.

And with a staggering market cap of £49.31billion ($68.39billion), DOGE has become more valuable than companies like Honda and Twitter.

According to Qiao Wang, a partner at DeFi Alliance, if DOGE was listed on the S&P500 index, it would rank higher than 366 companies.

This is all the more astounding, considering Dogecoin was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer.

Mr Wang tweeted on Tuesday: "People ridicule Dogecoin. But the reality is every market in the world is based on the memes.

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