Omkar Godbole was a senior reporter on CoinDesk’s Markets group.

No longer too lengthy ago Dogecoin (DOGE) has been behaving extra cherish a greyhound and less cherish the Shiba Inu that represents the meme-based cryptocurrency.

The associated price of DOGE has increased 150% from $0.0594 to $0.15 since Tuesday – with the worth surging 74% within the past 24 hours by myself, CoinDesk data showcase.

With the rally to six-month highs, DOGE has replaced Ethereum competitor Cardano’s native token ADA as the sixth largest cryptocurrency on the earth. At press time, DOGE, which was began as a humorous memoir in 2013, had a market cap of about 17.5 billion, while ADA had a market worth of $14.5 billion. DOGE’s market cap currently exceeds that of extra than 120 contributors of the S&P 500.

DOGE looks to be rallying on the aid of lengthy-time DOGE fan Tesla CEO Elon Musk having wrapped up his purchase of Twitter. Within the past, Musk has vouched for the usage of DOGE to restrict junk mail and bots on Twitter and worth users for their tweets.

Based on Cardano founder Charles Hoskinson, Musk’s takeover of Twitter has increased the likelihood of DOGE merging with the social media platform. On Friday, Hoskinson invited Dogecoin to turn out to be a sidechain on Cardano.

It is peaceful unclear what Musk plans to achieve with Dogecoin. That leaves the door originate for persevered speculation and worth volatility.

Based on data analytics firm Santiment, Shiba Inu, the self-proclaimed Dogecoin killer, has historically adopted DOGE better and attributable to this truth also can soon rally as effectively.

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Omkar Godbole was a senior reporter on CoinDesk’s Markets group.

Omkar Godbole was a senior reporter on CoinDesk’s Markets group.