Elon Musk, the Tesla billionaire who last week took Twitter private, has helped the price of the meme-based cryptocurrency dogecoin more than double over the last week as people speculate about his plans for the social network.
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Dogecoin DOGE , a fork of bitcoin originally created as a “joke,” has seen its price surge as traders bet Musk will somehow integrate the cryptocurrency into Twitter as he has previously done at his companies Tesla and SpaceX.
Now, after Musk posted a picture of a dog wearing a Twitter t-shirt, dogecoin has rocketed above ethereum rivals solana and cardano, according to CoinMarketCap’s price ranking, with some speculating 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 price … [+]
Dogecoin has seen its price increase by 140% since this time last week, giving it a market capitalization of almost $20 billion. Bitcoin BTC , for comparison, has a market cap of just under $400 billion while ethereum, cardano and solana sport market caps of $190 billion, $14 billion and $11 billion, respectively.
The rest of the crypto top ten, including ethereum, cardano and solana, have rallied over the last 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 sidewall until last week,” Alex Kuptsikevich, FxPro senior market analyst, wrote in emailed comments. “Its surge 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.”
Musk’s Twitter post also saw dogecoin challenger shiba inu leap by almost 5%, while some smaller meme-based coins also saw a sudden surge, it was reported by Coindesk.
In September, it emerged Musk had discussed plans to verify Twitter users with dogecoin transactions in an attempt to crack down on rampant scams and bots on the platform.
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The dogecoin price has continued its Elon Musk and Twitter-based surge this week, soaring above … [+]
Musk, dogecoin’s biggest supporter after appearing to sour on bitcoin, said last year that “dogecoin is better than bitcoin for payments” and proposed upgrading dogecoin to speed up transactions and cut fees.
Earlier this year, Musk’s electric car company Tesla followed his rocket company SpaceX in accepting dogecoin as payment for merchandise.
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