Dogecoin, the glorified parody of Bitcoin, has taken the reins from Swiss banking titan Credit Suisse, surpassing it in terms of market capitalization.
Data from coin ranking site CoinMarketCap reveals that Dogecoin's value currently stands at $10 billion. For comparison, Credit Suisse's market cap has faltered and stands at a mere $7.3 billion.
This amusing development comes hot on the heels of Credit Suisse's disclosure of "material weaknesses" in its financial reporting controls and customer outflows in its annual report.
With Credit Suisse's major backer, the Saudi National Bank, unable to provide further assistance due to regulatory constraints, the bank's share price has plummeted by a jaw-dropping 25%, hitting a new record low.
Earlier this week, the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank had already fueled fears of a financial contagion spreading across the wider markets. Credit Suisse's current predicament is only intensifying those concerns.
Prominent hedge fund manager Kyle Bass has tweeted that Credit Suisse has less than three weeks to sell in distress to a better-capitalized bank or face ruin.
This meltdown will undoubtedly keep the Swiss National Bank, which oversees the country's financial system, on its toes.
Credit Suisse's fall has been nothing short of a freefall, with its default probability now at a staggering 47%, as reported by financial journalist Holger Zschaepitz. Credit spreads are also ballooning, indicating that investors are becoming increasingly jittery about the bank's future.
With the Swiss banking titan on the verge of implosion, the world of finance appears to be staring down the barrel of yet another crisis.
It is worth noting that the U.S. Department of the Treasury is closely monitoring the situation at Credit Suisse.
One major government is also allegedly urging the Swiss government to take action in response to the ongoing crisis.