October has been a bullish month for Dogecoin as the “dogfather” Elon Musk took to Twitter. Despite trading in the red at press time, the Meme Coin is still holds More than 90% profit. There has also been an increase in the demand for property. The surge has led many to speculate that Musk’s purchase of the social media giant will bring value to DOGE.
The price of Dogecoin rose from $0.05 on October 23rd to $0.11 today, October 30th, a gain of 93%. Furthermore, the weekly DOGE chart shows that the price reached a five-month high of $0.14 on October 23.
Also, the capital invested in the asset has seen an increase. At press time, the token’s market valuation has risen to $15 billion from $9.02 billion a week ago. It is worth mentioning that the popular meme coin is still trading at a massive loss of 82.66% from its all-time high.
Dogecoin snatches 8th place from Cardano
Dogecoin is now the eighth largest cryptocurrency by market capitalization, according to data provided by CoinMarketCap. Cardano previously held this position. Dogecoin overtook Cardano on Saturday night with a current market cap of $15,366,657,028. This puts it ahead of Cardano (9) and Solana (10), which have respective market capitalizations of $13 and $11 billion.
Monday’s rumors that Elon Musk would acquire Twitter’s social media platform pushed up the value of the meme token. Doge’s optimism lasted all week thanks to two mainstays. The crypto market surged first this week, which saw the entire market breaking the $1 trillion barrier.
Furthermore, Elon Musk’s progress toward finalizing the Twitter acquisition agreement was a major factor in Doge’s ascent. The billionaire visited Twitter’s headquarters on Wednesday and officially completed the deal on Friday, October 28. This ended a six-month negotiation process. The possibility of Dogecoin’s integration with Twitter has added to its value. Musk previously proposed using DOGE to control Twitter spam and bots and charge users for tweets.
Cardano plans to integrate Dogecoin as a sidechain on Twitter
Charles Hoskinson intends to add ADA and famous meme token Dogecoin to Elon Musk’s Twitter. The creator of Cardano believes that the social media platform will soon integrate DOGE, as Musk mentioned on several occasions. This belief stems from Musk’s recent completion of a $44 billion purchase of Twitter.
The microblogging platform is about to undergo significant changes as Elon Musk becomes Twitter’s new “chief tweet”. All these changes appear to be beneficial for cryptocurrencies, especially Dogecoin.
Charles Hoskinson, CEO of IOG (formerly IOHK) believe that There is “a serious possibility” that DOGE will “somehow integrate” with Twitter. Hoskinson was asked if he thinks Dogecoin will adopt a PoS or PoUW consensus system prior to its Twitter integration. Instead, he as proposed Creating a Doge-themed cryptocurrency for the Cardano sidechain. The Cardano developer has shown a willingness to migrate the network and implement smart contracts at no cost.
Featured image from Pixabay and chart from TradingView.com