Dogecoin is now worth more than these corporate giants—even after this weekend’s epic collapse

Crypto, commodities and crude are starting the week on a strong note.

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This is the web version of Bull Sheet, a no-nonsense daily newsletter on what’s happening in the markets. Sign up to get it delivered free to your inbox.

Live from your inbox, it’s Monday morning.

Well, Elon Musk didn’t disappoint. His debut co-hosting Saturday Night Live sent Dogecoin on a wild ride this weekend. After an impressive rally on Friday and Saturday, the joke coin crashed by roughly 30% shortly after the so-called “Dogefather” agreed in a skit that, yeah, Dogecoin is little more than a hustle.

Ah, but like all good hustles, this one’s got legs. $DOGE has regained most of its losses, and its market cap has soared above $70 billion. In today’s essay, I put into perspective a rally that’s pushed the valuation of the crypto coin above some of the biggest companies on the planet.

Elsewhere, commodities and crude are gaining, as are U.S. futures. Tech stocks, alas, are slumping again.

Let’s see what’s moving markets.

Markets update

Asia

Europe

U.S.

Elsewhere

***

The big Doge

If you bought Dogecoin in the run-up to Musk’s big appearance on SNL this weekend, please drop me a line.

Clearly, crypto bulls did just that, sending $DOGE up to 74 cents a few hours before Musk took the stage. Once he started talking though, it bombed.

Talk about a tough crowd.

As my colleague Robert Hackett reports, “early in the episode, Musk’s mom, Mae Musk, dissed the buzzy cryptocurrency during the opening monologue. ‘I’m excited for my Mother’s Day gift,’ she said on the eve of that holiday. ‘I just hope it’s not Dogecoin,’ she joked.

“Musk, wearing an impish grin, returned: ‘It sure is!'”

That might go down as one of the most expensive joke ever told. Right after that opening monologue, Doge bombed down to $0.49, wiping a good $20 billion off its market cap.

Ah, but the joke is hardly over. The Dogecoin price recovered on Sunday after Musk’s SpaceX announced—get this—a moon shot funded by Dogecoin.

I can almost hear you muttering about now, “yeah, somebody is getting taken for a ride here.”

Dogecoin is a financial asset that somebody coined as a joke. And yet investors are paying a premium for it. As of 9 a.m. Rome time this morning, Dogecoin’s market valuation was $71.6 billion, higher than 385 companies listed on the S&P 500.

As the chart above shows, Dogecoin is more valuable than oil giants, airlines, carmakers, software companies, and insurance companies. It’s bigger than profitable companies. It’s bigger than companies that make things, and innovate. It’s bigger than companies that have built and grown cherished global brands. It’s bigger than companies that employ a lot of people, and create real economic value.

This is amounting to one expensive hustle.

***

Bernhard Warner
@BernhardWarner
Bernhard.Warner@Fortune.com

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Today’s reads

“Goldilocks scenario.” From the rally of the commodities boom, a new upstart has emerged: iron ore. Futures have risen 10% on soaring demand, leading Goldman Sachs analysts to declare we’re at the start of a “Goldilocks” moment for bulls speculating on these commodities.

Quadruple-digit gains. Lost in much of the Dogecoin craziness, is the impressive rally in Ethereum. The world’s second largest cryptocurrency is up 2,200% since March, 2020. My colleagues Lee Clifford and Robert Hackett explain what’s behind the surge.

Save the date. On June 8-9, Fortune will host its annual Fortune Global Forum, which yours truly will co-chair. There’s a blockbuster lineup of CEOs and business leaders who will join us to discuss what to expect from the economic bounce back, plus tackle the big issues around innovation, growth, sustainability and leading in an age of true disruption. Come and join in the discussion. Registration is now open.

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Market candy

30%

If you have kids of a certain age, you no doubt have witnessed the mania around Doc Martens, the distinctive thick-rubber soled shoes and boots that were cult favorites of punk rockers a few generations ago. Today, they’re beloved by fashionistas, influencers and a lot of teens—and you see that demand in the crazy prices. I bought my only pair about 20 years ago, paying maybe 50 quid for an indestructible pair (I wear them when doing heavy duty gardening or DIY work). They’re way pricier than that today. Riding this newfound popularity, Dr. Martens PLC went public in January, and the stock is absolutely kicking it. Eric J. Lyman explains why.