Recently, Dogecoin (DOGE), the meme-based cryptocurrency, has been acting more like a greyhound and less like the Shiba Inu it was designed to resemble.
Since Tuesday, the price of DOGE has climbed by 150%, from $0.0594 to $0.15, with a 74% spike in the last day alone, according to data from CoinDesk.
With the surge to six-month highs, DOGE has supplanted Cardano’s native ADA coin as the sixth-largest cryptocurrency in the world, overtaking Ethereum rival. At the time of publication, ADA had a market cap of $14.5 billion, whereas DOGE, a 2013 joke stock, had a market cap of around 17.5 billion. More than 120 S&P 500 companies are currently outperformed by DOGE in terms of market capitalization.
Elon Musk, the CEO of Tesla, who has long been a supporter of DOGE, appears to be bolstering DOGE after completing his acquisition of Twitter. Musk has previously advocated for DOGE as a way to tax users for their tweets and stop spam and bots on Twitter.crypta
Charles Hoskinson, the founder of Cardano, claims that Musk’s acquisition of Twitter has raised the possibility of a DOGE-Twitter merger. Hoskinson encouraged Dogecoin to join Cardano as a sidechain on Friday.
Exactly what Musk intends to do with Dogecoin is still a mystery. That lets speculation and price volatility continue unabated.
Shiba Inu, the self-described “Dogecoin killer,” has traditionally followed DOGE upward and may soon surge as well, according data analytics company Santiment.