With a meteoric rise of over 115%, amid Tesla Inc TSLA chief Elon Musk’s acquisition of social networking giant Twitter, popular memecoin Dogecoin DOGE/USD has replaced Cardano ADA/USD to become the eight largest cryptocurrency by market capitalization.
Over the past seven days, Dogecoin, which initially started as a joke, is trading up by over 97% at $0.11, and a market capitalization of $15.5 billion.
Cardano meanwhile, is currently trading at $0.40, having a market capitalization of $14.0 billion, and is the ninth largest cryptocurrency.
Doge’s merge with Twitter
Cardano founder Charles Hoskinson has predicted that with Twitter in hands of Musk, Dogecoin will soon be integrated into the social networking platform.
“Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform,” he tweeted.
“Should be a Cardano sidechain. I’d do the migration for free. Hell I’d even add smart contracts,” Hoskinson added.
Musk assumed control of Twitter on Oct. 27 after spending $44 billion to acquire the social media site.
Dogecoin has seen a massive increase in its price after it became known that Musk would take over running the social media site by the end of the week.
Musk, widely known to be the “Dogefather” has not yet provided any concrete details about his plans for the satirical coin.
Shiba Inu to follow Doge’s footsteps
Market intelligence platform Santiment stated that the canine token Shiba Inu SHIB/USD has historically followed the price rise of Dogecoin, and investors can therefore see a rally in SHIB going forward.