Dogecoin Replaces Cardano as 6th Largest Cryptocurrency – Yahoo Finance

Lately Dogecoin (DOGE) has been behaving more like a greyhound and less like the Shiba Inu that represents the meme-based cryptocurrency.
The price of DOGE has increased 150% from $0.0594 to $0.15 since Tuesday – with the price surging 74% in the past 24 hours alone, CoinDesk data show.
With the rally to six-month highs, DOGE has replaced Ethereum competitor Cardano's native token ADA as the sixth largest cryptocurrency in the world. At press time, DOGE, which was started as a joke in 2013, had a market cap of about 17.5 billion, while ADA had a market value of $14.5 billion. DOGE’s market cap currently exceeds that of more than 120 members of the S&P 500.
DOGE seems to be rallying on the back of long-time DOGE fan Tesla CEO Elon Musk having wrapped up his purchase of Twitter. In the past, Musk has vouched for using DOGE to limit spam and bots on Twitter and charge users for their tweets.
According to Cardano founder Charles Hoskinson, Musk's takeover of Twitter has increased the probability of DOGE merging with the social media platform. On Friday, Hoskinson invited Dogecoin to become a sidechain on Cardano.
It is still unclear what Musk plans to do with Dogecoin. That leaves the door open for continued speculation and price volatility.
According to data analytics firm Santiment, Shiba Inu, the self-proclaimed Dogecoin killer, has historically followed DOGE higher and therefore could soon rally as well.

Dogecoin (CRYPTO: DOGE), the meme-based cryptocurrency that caught fire early last year, was moving higher today after Elon Musk finally completed his acquisition of Twitter (NYSE: TWTR) last night. Musk has been a longtime backer of Dogecoin and has often tweeted about it on the social media site, which has led to pops in Doge at various stages. As of 11:52 a.m. ET, Dogecoin's price was up 9.9% over the last 24 hours.
The move follows that of other large corporations and payment companies including American Express.
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Twitter could integrate Dogecoin as a tool for payments and preventing spam bots on the social media platform. Bitcoin could also get a boost.
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While a repeat of the super-rally seen in the second half of 2021 might not be likely, that era did come to mind last week as bitcoin showed strength. Crypto Long & Short is CoinDesk's weekly newsletter featuring insights, news and analysis for the professional investor.
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Just in time for Elon Musk's purchase of Twitter for a cool $44 billion.
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