Elon Musk Causes Huge Crypto Price Quake, Sending Bitcoin “Prank” Rival Dogecoin Soaring Over Ethereum Rivals Solana and Cardano

Elon Musk, the Tesla billionaire who took to Twitter last week, has helped the price of the meme-based cryptocurrency dogecoin more than double over the past week as people speculate about his plans for the social network.

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The Dogecoin DOGE, a Bitcoin fork that was originally created as a “prank,” has seen its price soar as traders bet that Musk will somehow integrate the cryptocurrency into Twitter as he previously did at his two companies, Tesla and SpaceX.

Now, after Musk posted a picture of a dog in a T-shirt on Twitter, Dogecoin has rocketed above Ethereum competitors Solana and Cardano, according to CoinMarketCap price rankings, with some Dogecoin speculating that it will become a “leader in the cryptocurrency market.”

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More FORBES’A very interesting idea – is this Elon Musk’s real radical Twitter plan? By Billy Bambro

Tesla Billionaire Elon Musk’s takeover of Twitter came amidst the price of Bitcoin, Ethereum and Cryptocurrencies… [+] Rally and assist the price of the Dogecoin missile over Solana and Cardano.

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Dogecoin has seen its price increase 140% since this time last week, giving it a market capitalization of nearly $20 billion. For comparison, Bitcoin has a market cap of just under $400 billion, while Ethereum, Cardano, and Solana Sports have a market cap of $190 billion, $14 billion, and $11 billion, respectively.

The rest of the top ten cryptocurrencies, including Ethereum, cardano and solana, have climbed over the past week but have been left in the dust by dogecoin as traders pile on memecoin.

“Like Bitcoin, Dogecoin bottomed out in June and traded in a deafening sidewall until last week,” Alex Kuptsikevich, chief market analyst at FxPro, wrote in an email comment. “Its surge of 140% in seven days presents a promising bullish picture. Is it possible to become a leader in the entire cryptocurrency market? Why not.”

Musk’s Twitter post also saw the dogecoin shiba inu competition jump by about 5%, while some small meme-based coins also saw a surprising spike, Coindesk reported.

In September, it emerged that Musk had discussed plans to verify Twitter users with dogecoin transactions in an effort to crack down on rampant scams and bots on the platform.

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More Forbes, Ethereum founder issues ‘controversial’ warning on bitcoin and cryptocurrencies amid wild price volatility

Dogecoin price continued its rally based on Elon Musk and Twitter this week, rising above… [+] solana and cardano with bitcoin and ethereum losing.

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Musk, the biggest supporter of Dogecoin after it appeared to screw up on bitcoin, said last year that “dogecoin is better than Bitcoin for payments” and suggested upgrading dogecoin to speed up transactions and lower 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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