Dogecoin Overrided Cardano’s ADA as the Sixth Largest Cryptocurrency

• Dogecoin beat Cardano after Elon Musk took over Twitter.
• Dogecoin gained around 110% in the last few weeks.   

Since last week the prices of Dogecoin are impressively hiking and shown a 110 percent increase in its trading prices. 

It is believed that the price of meme coins increased because of Elon Musk who finalised the deal with Twitter in the last week of October 2022. 

Although Musk is a promoter of Dogecoin and for increasing the use-cases of Dogecoin, He started accepting payments in his companies in the form of Dogecoin. 

A breakout of meme coins was sparked by Friday’s completion of Musk’s Twitter acquisition, with dogecoin leading the pack. Dogecoin’s price increased by more than 110 percent last week, but it dropped early on Monday. 

However, the price rebounded to over $0.1463 thanks to strong investor support, so this was only a brief decline. 

Peter Brandt, a seasoned trader, claims that dogecoin has been in a bear channel since May 2021. He tweeted on Sunday: The bear market that began at the high of $DOGE in May 2021 has come to an end thanks to the upside violation of what is known as a bear channel.

On 30 October 2022, Dogecoin overtook Cardano and captured the sixth position in the crypto market. 

According to data from CoinMarketCap, While framing this article DOGE is trading at $0.1449 and on 30 October it traded at $0.1417. 

While writing this article Cardano(ADA) is trading at $0.4105 with a 24-hour trading volume of $588,417,297. 

According to data from the blockchain intelligence platform IntoTheBlock, this indicates that as many as 62% of DOGE holders are “Making Money at Current Price.” This percentage is even higher than the percentage of holders of Bitcoin (BTC) and Ether (ETH), which is 54% and 57%, respectively.

Still, a lot of questions are running through the crypto community about why Elon Musk was obsessed with memecoin. There are a lot of examples that explain how Musk supported Dogecoin in its growth market over the past few years.

He promoted Dogecoin in various ways, like with his tweets and by posting and promoting various memes about Dogecoin on social media. On February 4, 2021, a tweet by Musk created hype in the Doge market. “Dogecoin is the people’s growth”.

On May 13, 2022, there was another tweet that helped the entity to raise its profit value, saying, “It has potential as a currency.” He considered that Dogecoin can be utilized in the currency market.

Recently, Musk posted a picture from his Twitter account promoting Dogecoin on the occasion of Halloween. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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