Breaking News
Dogecoin Replaces Cardano as 6th Largest Cryptocurrency
Dogecoin Replaces Cardano as 6th Largest Cryptocurrency
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.
- Top Stories10 hours ago
Serving NYSC members can apply – FIRS gives update on recruitment exercise
- Top Stories24 hours ago
What You Need To Know As Man Utd Announce Amorim As New Manager
- Entertainment23 hours ago
“Some men think I’m misleading their wives, but I’m not advocating for divorce or separation cos I love family” – May Edochie corrects misconception
- News10 hours ago
Electricity Consumers Demand Disconnection Over Rising Tariffs
- Tech10 hours ago
New Zealand introduces new visa category to support seasonal workers in 2025
- Top Stories24 hours ago
Tinubu rejects NEC’s proposal to withdraw tax bill, urges Council to follow ‘legislative process’
- News24 hours ago
Woman stabs her husband to d3ath in Ibadan
- Politics10 hours ago
Oluremi Tinubu Must See Young, Malnourished Detainees As Her Own Children, CISLO