DOGE’s market cap currently exceeds that of Cardano and greater than 120 members of the S&P 500.
Lately Dogecoin (DOGE) has been behaving more like a greyhound and less just like the Shiba Inu that represents the meme-based totally cryptocurrency.
The price of DOGE has elevated a hundred and fifty% from $0.0594 to $zero.15 on account that Tuesday – with the fee surging seventy four% within the beyond 24 hours alone, CoinDesk records show.
With the rally to 6-month highs, DOGE has replaced Ethereum competitor Cardano’s native token ADA because the 6th largest cryptocurrency inside the international. At press time, DOGE, which became started as a joke in 2013, had a marketplace cap of approximately 17.5 billion, even as ADA had a marketplace value of $14.5 billion. DOGE’s marketplace cap presently exceeds that of more than one hundred twenty individuals of the S&P 500.
DOGE seems to be rallying on the lower back of lengthy-time DOGE fan Tesla CEO Elon Musk having wrapped up his buy of Twitter. Inside the beyond, Musk has vouched for the use of DOGE to limit junk mail and bots on Twitter and rate customers for his or her tweets.
In keeping with Cardano founder Charles Hoskinson, Musk’s takeover of Twitter has accelerated the chance of DOGE merging with the social media platform. On Friday, Hoskinson invited Dogecoin to become a sidechain on Cardano.
It’s miles nonetheless uncertain what Musk plans to do with Dogecoin. That leaves the door open for persisted hypothesis and rate volatility.
In keeping with facts analytics company Santiment, Shiba Inu, the self-proclaimed Dogecoin killer, has historically accompanied DOGE higher and therefore may want to soon rally as nicely.
