Dogecoin Pulls Ahead Of Cardano As 8th Largest Cryptocurrency, Charles Hoskinson Makes This Prediction

Zinger Key Points
  • Dogecoin continues its winning streak, gaining 25% over the past one day.
  • Santiment predicts Shiba Inu will follow Doge's footsteps and is ripe for a massive rally.

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.

According to whale alert tracking service WhaleStats, the top 5000 whales hold $94,297,394 worth of SHIB.

Next: Maybe Jeff Bezos Should Buy Ethereum: AWS Servers Host A Major Chunk Of The Crypto's Computing Power

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsCharles HoskinsoncryptocurrenciesElon Musk
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!