According to CoinMarketCapDogecoin has taken the eighth spot in cryptocurrency market capitalization, replacing Cardano. Dogecoin jumped quickly ahead of Cardono on Saturday night to take the eighth position.
In the last 7 days, Doge’s price has increased by 131.23%. The Dogecoin price was $0.1344, which is 50.34% higher than the previous 24 hours. It also had a trading volume of $15.024,853,397 USD over the 24-hour period.
Doge is currently ranked #8, with a live market cap of $17,968,371,819 USD – ahead of now ninth-placed Cardano and tenth-placed Solana with $14.4 billion and $11.9 billion respectively.
When rumors surfaced that Elon Musk (CEO of Tesla Motors) was planning to purchase Twitter, the meme token rallied. Doge’s bullishness remained throughout the week anchored by two crucial factors.
The price of Dogecoin jumped by 14.52% Wednesday. This brings the 24-hour increase to 21.22%. Coin trading at $0.072. The crypto market cap rising and crossing above the $1 trillion mark has been a factor that contributed to DOGE’s rise this week.
Besides that, Doge’s uptick was immensely contributed by Elon Musk’s advancement to seal the Twitter acquisition deal. The billionaire visited Twitter HQ on Wednesday to close the deal. It was completed on Friday, October 28. Blockchain.News reported the story.
Dogecoin’s integration on Twitter is a major reason why it is doing well. Musk suggested previously that DOGE could be used to limit spamming and bots on Twitter. Users would then be charged for the tweets.
Dogecoin has been supported by billionaire Elon Musk. In January, Tesla began accepting the Dogecoin cryptocurrency for its merchandise such as the “Giga Texas” belt buckle and mini models of electric vehicles.
Being that Elon Musk is now at the helm of Twitter, social media is likely to make a similar move that is set to see Dogecoins’ prices explode due to its mass adoption.