Elon Musk Triggers Massive Crypto Price Earthquake – Sends ‘Joke’ Bitcoin Rival Dogecoin Soaring Over Ethereum Challengers Solana and Cardano
Elon Musk, the Tesla billionaire who last week took Twitter private, has helped the price of the meme-based cryptocurrency dogecoin more than double in the past week as people speculate about his plans for the social network.
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Dogecoin
Now, after Musk posted a picture of a dog wearing a twitter t-shirt dogecoin has shot above ethereum rivals solana and cardano, according to CoinMarketCap’s price rankings, with some speculating that dogecoin could become a “crypto market leader.”
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Tesla billionaire Elon Musk’s Twitter takeover has come amid a bitcoin, ethereum and crypto rally … [+]
Dogecoin has seen its price increase by 140% since this time last week, giving it a market cap of nearly $20 billion. Bitcoin
The rest of the crypto top ten, including ethereum, cardano and solana, have rallied over the past week, but have been left in the dust by dogecoin as traders pile into the memecoin.
“Like bitcoin, dogecoin bottomed in June and traded in a deafening sideways wall until last week,” Alex Kuptsikevich, senior market analyst at FxPro, wrote in emailed comments. “Its increase of 140% in seven days has formed a promising bullish picture. Is it possible that it will become a leader in the entire crypto market? Why not.”
In September, it emerged that Musk had discussed plans to verify Twitter users with dogecoin transactions in an effort to crack down on fraud and bots on the platform.
Musk’s Twitter post also saw dogecoin challenger shiba inu jump nearly 5%, while some smaller meme-based coins also saw a sudden surge, it was reported by Coindesk.
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The Dogecoin price has continued its Elon Musk and Twitter-based rally this week, and is surging above … [+]
Musk, dogecoin’s biggest supporter after appearing sour on bitcoin, said last year that “dogecoin is better than bitcoin for payments.”
Earlier this year, Musk’s electric car company Tesla followed his rocket company SpaceX in accepting dogecoin as payment for goods.
