Widespread sanctions on Russia are currently wreaking havoc on the country’s economy, as the Ruble, the country’s official currency, has plummeted in value.
The famous memecoin Dogecoin (DOGE) is roughly 13 times more valuable than the fiat currency following the substantial drop in the Russian Ruble.
At the time of publication, one DOGE unit was worth $0.12, whereas one ruble was worth roughly $0.0093.
This isn’t the first time a crypto-related asset has surpassed the Russian Ruble. Bitcoin surpassed the ruble to become the world’s 14th most valuable currency last month, with a market valuation of $779.66 billion.
Since President Vladimir Putin launched a full-scale Russian invasion of Ukraine, the move has been closely scrutinized, with several countries, including the United States, imposing harsh sanctions.
The sanctions have had a significant impact on Russia’s economy, with many speculating that the country could use cryptocurrencies to circumvent the penalties.
Contrary to popular opinion, Brad Garlinghouse, the CEO and founder of Ripple, stated that the country cannot use cryptocurrencies to avoid sanctions since cryptocurrency transactions are more visible now than they were a few years ago.
Meanwhile, Dogecoin is down 83.7 percent from its all-time high of $0.73, a situation that does not sit well with many aficionados, who blame the decrease on the cryptocurrency’s endless supply.