The digital currency Dogecoin is advancing in the ranking in terms of market capitalization after increasing by more than 100%
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer The digital currency Dogecoin is advancing in the ranking in terms of market capitalization after increasing by more than 100%
Dogecoin has become the eighth largest cryptocurrency, surpassing Cardano and Solana.
according to CoinMarketCapDogecoin has replaced Cardano as the eighth largest cryptocurrency by total market capitalization.
On Saturday evening, the price of Dogecoin quickly jumped ahead of Cardano.
Dogecoin price is up 131.23% in the past 7 days.
At the time of writing this article, Dogecoin price is stable at $0.122, up 105% in the last 7 days and trading volume of $7.3 billion in the last 24 hours.
Doge is currently ranked eighth, with an estimated market capitalization of $16.2 billion, ahead of Cardano in ninth and Solana in tenth with $13.8 billion and $11.8 billion respectively.
Read:Binance overtakes Coinbase as the largest reserve holder of Bitcoin
Factors behind Dogecoin pumping:
The price of the meme-themed cryptocurrency soared last Monday when rumors surfaced that Tesla CEO Elon Musk was close to finalizing a deal to buy Twitter.
Dogecoin trend has been bullish throughout the week supported by two critical factors.
Dogecoin price rose 14.52% on Wednesday, bringing the 24-hour rally to 21.22%, with the coin trading at $0.072, coinciding with the rise in the cryptocurrency market capitalization and crossing the $1 trillion barrier, which was also a contributing factor to the rise of DOGE this week.
Besides, Dogecoin’s rise was largely driven by Elon Musk’s bid to conclude the Twitter acquisition deal.
The billionaire was at Twitter’s headquarters on Wednesday and eventually closed the deal on Friday, October 28, ending the six-month ordeal.
Dogecoin has been performing well in the market due to the potential impact of integrating the coin into the Twitter ecosystem.
In the past, Musk suggested using DOGE to reduce spam and bots on Twitter and charge users for their tweets.
Billionaire Elon Musk has been a staunch advocate of Dogecoin.
Read:Coinbase is considering adding a number of digital currencies in order to compete with the Binance platform
In January, Tesla began accepting Dogecoin for its goods such as the “Giga Texas” and scale models of electric cars.
Since Elon Musk is now holding a high position at the head of Twitter, it is likely that the social networking platform Twitter will take accelerated steps to adopt Dogecoin, which is likely to reflect positively on the price of the currency.
Read also:
Study: Global Automotive Market on Metaverse will achieve a CAGR of 31.4% by 2030
Twitter developers unveil “NFT Tweet Tiles” feature on Twitter…details here
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time