The price of Dogecoin jumped more than 60% on Saturday.
Dogecoin has now surpassed Cardano in terms of market cap.8th largest cryptocurrency by market cap
The meme skyrocketed after Tesla CEO Elon Musk bought social media giant Twitter.
The recent surge in Dogecoin’s price stemmed from rumors that Elon Musk was merging Dogecoin with Twitter.
Recently, Input Outpt CEO Charles Hoskinson suggested adding Dogecoin to the Twiiter platform as a Cardano sidechain.
It’s not just Dogecoin that has been affected by Elon Musk’s acquisition of Twitter, but also the Shiba Inu, which is currently surging to the 13th largest market cap in the cryptocurrency market. But Elon Musk hasn’t talked about SHIB for so long, it’s unlikely to be part of Twitter.
However, Shiba Inu continues to dominate other cryptocurrencies, alongside Dogecoin.
While Dogecoin is Elon Musk’s favorite coin, it’s unclear how it will play out on the Twitter platform, but there is speculation that Dogecoin could be used to solve bot problems.
Dogecoin is still down 82% since that level. The all-time high occurred in early 2021.
The catastrophic plunge on the news of Elon Musk’s acquisition of Twitter is unlikely to help those climbing in 2021.
Source: USA TODAY
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