With a meteoric rise of over 115%, mid Tesla Inc TSLA boss Elon Musk’s acquisition of social networking giant Twitter, popular memecoin Dogecoin DOGE/USD has replaced Cardano ADA/USD to become the eighth largest cryptocurrency by market capitalization.
In the past seven days, Dogecoin, which originally started as a joke, has traded up over 97% to $0.1[ads1]1, and a market cap of $15.5 billion.
Cardano, meanwhile, is trading at $0.40, with a market cap of $14.0 billion, and is the ninth largest cryptocurrency.
Doge merges with Twitter
Cardano founder Charles Hoskinson hair predicted that with Twitter in the hands of Musk, Dogecoin will soon be integrated into the social networking platform.
“Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform,” he tweeted.
“Should be a Cardano sidechain. I’d make the migration free. Hell, I’d even add smart contracts,” Hoskinson added.
Musk took control of Twitter on October 27 after spending $44 billion to buy the social media site.
Dogecoin has seen a massive price increase after it became known that Musk would take over the operation of the social media by the end of the week.
Musk, widely known as the “Dogefather”, has yet to provide any concrete details about his plans for the satirical coin.
Shiba Inu to follow Doge’s footsteps
Market intelligence platform Santiment tired that dog sign Shiba Inu SHIB/USD has historically followed the rise in price of Dogecoin, and investors can therefore see a rally in SHIB going forward.
According to whale alert tracking service WhaleStats, the top 5,000 whales have SHIB worth $94,297,394.
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