Dogecoin (DOGE), the meme cryptocurrency, is overtaking Cardano (ADA), per data from CoinGecko. At around $10.4 billion, the market valuation of the joke currency is currently barely below that of Cardano.
The performance of other leading cryptocurrencies is inconsistent, with Ethereum (ETH) remaining stable at around $1,844 and Binance Coin (BNB) and XRP seeing modest declines.
Dogecoin, which has increased by 2.9% over the previous day and is presently trading at $0.075, appears to be defying the trend. Cardano (ADA) has, on the other hand, declined disappointingly by 2.3% over the previous week, bringing its price to a meagre $0.303.
Dogecoin’s unexpected surge follows Twitter’s well-publicized switch to the ‘X’ moniker under its new owner, Elon Musk. Musk made a suggestion that Dogecoin payments might be included into the platform in the future along with the rebranding, which sparked a spike in investor interest and a rise in price.
Spencer Hallarn, a derivatives trader at the cryptocurrency investment firm GSR, claims that Bitcoin’s consolidation at about $30,000 was caused by the market waiting for further details on the several exchange-traded fund (ETF) filings to become official.
He said that the increasing interest in altcoins as a result of the XRP verdict has taken money away from the majors and contributed to the decline in price momentum.
Early on, the value of Dogecoin sharply increased, partly due to tweets and open endorsements from tech tycoon Musk. Since then, the cryptocurrency has fallen sharply from its peak by around 89%. Since Dogecoin’s future depends on the whims of its most well-known advocate, its destiny is still undetermined.
According to U.Today, Twitter Payments LLC has obtained licences in various jurisdictions to enable cryptocurrency transactions, propelling Musk’s relaunched social media network, X (formerly Twitter), towards integrating bitcoin payments.
