Dogecoin overtakes Cardano after surging 60%

The price of Dogecoin (DOGE) rose sharply on Saturday, rising more than 60%.

Bitcoin parody is now higher than Cardano (ADA) in terms of market cap. At press time, it is the eighth largest cryptocurrency.

The meme cryptocurrency has made huge gains after Tesla CEO Elon Musk completed the acquisition of social media giant Twitter. Musk became the owner of the platform after months of trying to get out of the deal without any success.

The recent rally was driven by speculation that Musk might integrate Dogecoin into the prominent social media platform.

As reported by U.Today, Input Output CEO Charles Hoskinson recently suggested that Dogecoin should be added to Twitter in the form of a Cardano sidechain.

The price of Dogecoin’s fork, Shiba Inu, also rebounded sharply, climbing to No. 13 by market cap. Musk has distanced himself from SHIB in the past, and it’s highly unlikely Twitter has anything to do with it. However, ethereum-based meme tokens are still outperforming the broader cryptocurrency market by relying on Dogecoin’s dominance.

While Dogecoin appears to be the only big winner in Musk’s Twitter life, it remains unclear what role it will play. There is speculation that the cryptocurrency could be used to solve the problem of scam bots on social media platforms.

Notably, Emoji is still down a staggering 82.66% from its record peak. After a massive rally in early 2021, its rally came to an abrupt end after Musk’s “Saturday Night Live” appearance last May. A Twitter-fueled rally is unlikely to save long-term crypto holders.

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