With the ascent to six-month highs, Dogecoin (DOGE) has surpassed Cardano's native token ADA to become the sixth-largest cryptocurrency worldwide.
According to CoinDesk data, the price of DOGE has risen 150% since Tuesday, from $0.0594 to $0.15, with a 74% increase in the last 24 hours.
Since Tesla CEO Elon Musk completed his acquisition of Twitter, DOGE appears to be gaining momentum. Musk has been a longtime supporter of DOGE. In the past, Musk has advocated the use of DOGE to regulate spam and bot accounts on Twitter and to charge users for their tweets.
DOGE had a market cap of approximately $17.5 billion at the time of writing, while ADA had a market cap of $14.5 billion. DOGE's market cap currently exceeds that of more than 120 S&P 500 members.
The cryptocurrency was founded on a whim in 2014, with no real motive behind the initiative. Its community's memes, though, helped it gain fame.
According to Cardano founder Charles Hoskinson, Musk's purchase of Twitter has boosted the likelihood of DOGE integrating with the social media site. Hoskinson encouraged Dogecoin to join Cardano as a sidechain on Friday.
Musk has been a prominent and outspoken advocate of Dogecoin, frequently using his tweets to affect the currency's price. In 2020, the Tesla CEO, who enjoys and creates memes, tweeted in support of the altcoin's imminent rise.
Musk, though, did more than just tweet about it. By adding Dogecoin as a payment option on his Tesla store, Musk gave the cryptocurrency a big endorsement.
The eccentric billionaire has changed his profile's bio to "Chief Twit" and posted a video of himself entering the app's headquarters while carrying a sink.
According to Decrypt, Binance, the world's largest crypto exchange, backed Musk's final buy for $500 million and is "creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter,"
So, for those who have invested in it, the dream now is that Musk will make the meme coin a payment option on Twitter, maybe after transforming the site into a WeChat-style super app that people will use for payments, among other things.
Shiba Inu, the self-proclaimed Dogecoin killer, has traditionally followed DOGE higher and may soon follow suit, according to data analytics firm Santiment.
