The price of Dogecoin (DOGE) has increased 150% from $0.0594 to $0.15 since Tuesday – with the price surging 74% in the past 24 hours alone, CoinDesk data show. With the rally to six-month highs and gains against BTC, DOGE has replaced Cardano’s native token ADA as the sixth largest cryptocurrency in the world. At press time, DOGE, which was started as a joke in 2013, had a market cap of about 17.5 billion, while ADA had a market value of $14.5 billion.
The cryptocurrency DOGE has been rallying on the back of a key event: Tesla CEO Elon Musk’s recent takeover of Twitter. In the past, Musk has vouched for using DOGE to limit spam and bots on Twitter and charge users for their tweets. It is still unclear what Musk plans to do with Dogecoin, but that leaves the door open for continued speculation and price volatility.