The price of Dogecoin (DOGE) is on a roll following Tesla CEO Elon Musk’s much-anticipated Twitter acquisition
value of Dogecoin (DOGE) Saturday saw a huge rally, with a rise of over 60%.
The Bitcoin parody is now above Cardano (ADA) in terms of market capitalization. At press time, it is the eighth biggest cryptocurrency.
The meme cryptocurrency saw huge gains after Tesla CEO Elon Musk completed the acquisition of social media giant Twitter. Musk became the owner of the platform after months of trying to get out of the deal with no success.
The recent rally was fueled by speculation about Musk potentially integrating Dogecoin into the prominent social media platform.
as Reported by U.TodayInput Output CEO Charles Hoskinson recently suggested that Dogecoin should be added to Twitter as a Cardano sidechain.
The price of Dogecoin offshoot Shiba Inu also saw a significant rally, climbing to 13th place by market capitalization. In the past, Musk distanced himself from SHIB, and it is highly unlikely that Twitter will have anything to do with it. However, the Ethereum-based meme token still managed to outperform the broader cryptocurrency market by riding on Dogecoin’s coattails.
While it seems like Dogecoin is the only big winner in Musk’s Twitter life, it’s still unclear what role it will play. There is some speculation that the cryptocurrency could be used to solve the scam bot problem of the social media platform.
It is worth noting that the meme coin is still down a staggering 82.66% from its record peak. After experiencing a massive rally in early 2021, its rally came to a grinding halt following Musk’s “Saturday Night Live” appearance last May. The Twitter-fueled rally is unlikely to save the cryptocurrency’s long-term holders.
