Dogecoin Rises With the Acquisition of Twitter and becomes 8th Largest Cryptocurrency
Dogecoin, the popular cryptocurrency that was started as a joke, has surged past Cardano to become the 8th largest digital currency by market capitalization.
Dogecoin, which features a Shiba Inu dog as its logo, was originally created in 2013 as a parody of the then-popular Bitcoin. Dogecoin quickly gained a following among cryptocurrency enthusiasts due to its low price and friendly community.
In recent months, Dogecoin has seen a surge in popularity due to endorsement from celebrities such as Tesla CEO Elon Musk. Dogecoin is now the 8th largest cryptocurrency by market cap, with a value of over $40 billion.
Cardano, which is ranked 9th by market cap, has seen a decline in value over the past week. Cardano is still far ahead of Dogecoin in terms of total supply and daily trading volume. However, Dogecoin’s recent surge in popularity has allowed it to overtake Cardano in market capitalization.
Dogecoin’s rise to the 8th spot is a major accomplishment for a cryptocurrency that started as a joke. Dogecoin’s success highlights the growing popularity of cryptocurrencies and the potential for alternative digital currencies to gain mainstream adoption.
With an astounding rise of more than 115%, with tesla Inc TSLA Chief Elon Musk’s Acquisition of Twitter, a social networking giant and a popular meme coin Dogecoin DOGE have been replaced Cardano ADA to become the Eight largest cryptocurrency market by market capitalization.
What is Dogecoin?
Dogecoin is a cryptocurrency that was created as a joke in 2013. Dogecoin features a Shiba Inu dog as its logo and has become popular due to its low price and friendly community. Dogecoin has seen a surge in popularity in recent months due to endorsement from celebrities such as Tesla CEO Elon Musk. Dogecoin is now the 8th largest cryptocurrency by market capitalization, with a value of over $40 billion.
What is Cardano?
Cardano is a cryptocurrency that was created in 2015. Cardano is ranked 9th by market capitalization, with a value of over $14 billion. Cardano has seen a decline in value over the past week but is still far ahead of Doge
Dogecoin has seen a rise in trading over the past seven days. It was initially created as a joke and now trades at $0.11 with a market capitalization of $15.5 billion.
Cardano, however, trades at $0.40 and has a market capitalization in excess of $14.0 billion. It is also the ninth most valuable cryptocurrency.
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Dogecoin Could Merge with Twitter
Charles Hoskinson Cardano’s founder has predicted that, with Twitter in Musk’s hands, Dogecoin would soon be integrated into the social network platform.
He tweeted, “Now that Twitter has been in the hands @elonmusk, I can see the real possibility that the doge will somehow combine with the platform.”
“Should be a Cardano sidechain. I would do the migration free of charge. Hoskinson said that even smart contracts would be added.
After spending $44 billion, Musk took control of Twitter.
After Musk’s announcement that he would be taking over the social media site at the end of this week, Dogecoin saw a huge increase in its value.
Musk is widely considered to be the “Dogefather”, but he has yet to give any details on his plans for the satirical currency.
Will Shiba Inu follow Dogecoin after Twitter Acquisition?
Santiment Market intelligence platform stated the canine token Shiba InuSHIB Investors could possibly expect a rally in SHIB as a result of Dogecoin’s price rise. According to Whale alert tracking service WhaleStats says that the top 5000 whales have $94,297.394 worth of SHIB.