Image: Horsebalm via Reddit

Dogecoin (CRYPTO: DOGE-X) — a meme cryptocurrency created as a joke — has a bigger market cap than Ford Motor (NYSE: F) and Kraft Heinz (NASDAQ: KHC).

What Happened: After consistently rallying over the past week, Dogecoin's market cap reached a high of nearly $54.45 billion, according to CoinMarketCap.

This places the coin above Ford's market cap at $46.31 billion and Kraft Heinz's at $48.84 billion.

"No one thinks these blue-chip stocks are all that comparable to Dogecoin, a fringe asset with no real purpose beyond being a joke on social media. But the similarity of their market values underscores the boom in cryptocurrencies that’s taken Wall Street by storm," Bloomberg reported.

What Else: Mike Novogratz — the CEO and chairman of crypto-asset bank Galaxy Digital — told CNBC today that he believes Dogecoin's rise is much similar to the recent Gamestop (NYSE: GME) rally.

"Dogecoin speaks a lot to the same movement that Gamestop did. There is a kind of crazy excitement around very young investors around meme coins and meme ideas. I mean, it's shocking to me that Gamestop continues just to hold any value, let alone, you know, $10-$12 billion market cap… Dogecoin is even more bizarre in that respect," Novogratz said.

"All of this is happening because the interest rates are zero," he added.

Talking about Bitcoin (CRYPTO: BTC), Novogratz also said that he expects it to consolidate near its current price following the recent consolidation, and he is bullish on it for both the medium and long term.