Dogecoin price has rallied over 110% since last week, climbing to 8th place in terms of market cap. It even surpasses Cardano and Solana thanks to its independent action from the market.
Dogecoin moves towards top 5 after 2x rally
The biggest meme coin is rallying after Tesla CEO Elon Musk’s highly anticipated Twitter acquisition news. On Saturday, it gained more than 60% in as little as 10%. Thus, it surpassed Cardano (ADA) in terms of market cap. Dogecoin is currently the eighth largest cryptocurrency. After Tesla CEO Elon Musk completed his acquisition of social media giant Twitter, Dogecoin was the first to react to this news. Saying that he gave up on buying at first, Musk made a U-turn on the last day of the case. The catalyst for the latest rally was rumors that Musk might include Dogecoin on Twitter.
Elon Musk paves the way for cryptocurrency integration for Twitter
Cryptocurrency investors have been coming together on Twitter for a long time. In previous years, they replaced their profile picture with their own “laser-eyed” picture as a sign of their crypto support. Soaring or crashing prices have always been on Twitter. Musk is one of Twitter’s big influencers. Therefore, the community has always been confident that Twitter will adopt Blockchain technology. This support has helped fuel interest in Musk’s preferred token, Dogecoin. As a result, the fact that Musk finally signed the deal gave buyers a leverage to buy. cryptocoin.comAs you follow, Tesla CEO says this move is to ‘help humanity’.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
Aside from Elon Musk, Twitter was already making its own strides into crypto. Co-founder and former CEO Jack Dorsey is one of the market’s recognized Bitcoin bulls. Under Dorsey’s leadership, the company introduced a feature that allows users to donate with Bitcoin. Twitter also established a Crypto division and launched Bluesky. Since Dorsey’s departure last November, Twitter has added NFT profile pictures and USD Coin stablecoin payments for a select group of developers.
It’s unclear at this time what will happen to these Musk-led efforts. As he pieced together his Twitter acquisition, Musk seems to have given up on his commitment to crypto. Binance, the world’s largest cryptocurrency exchange, committed $500 million in funding for Musk’s deal in May. He is reportedly building a team focused on researching how crypto could be beneficial for the social media company. In a series of text messages posted as part of the lawsuit regarding the Twitter deal, Musk initially discussed using Blockchain to promote free speech on social media and reduce spam. However, he later wrote that “Twitter for Blockchain is not possible.” Regardless, what it will do with an app called X-App will be revealed in time.
