After an unbelievable surge of more than 115 percent, Dogecoin has taken Cardano’s spot to become the eighth largest crypto based on market cap. This comes after SpaceX CEO Elon Musk acquired Twitter in a multi-billion dollar deal.
Over the past week, the Doge memecoin, which was developed as a joke, grew by over 97 percent. It’s now trading at $0.11 and holds a total market capitalization of $15.5 billion.
Cardano, on the other hand, is priced at $0.40. With DOGE at 8th place, Cardano is now in 9th place, with an overall market cap of $14 billion.
Cardano Founder Predicts DOGE Implementation on Twitter
Charles Hoskinson, the founder of Cardano, expects that with Twitter under Elon Musk’s leadership, Dogecoin may be incorporated into the platform.
In a tweet, he mentions that it’s a possibility that DOGE may merge with Twitter now that the platform has been acquired by Musk.
Hoskinson even made suggestions, like a Cardano sidechain. He went on to say that he’d do the migration for free and would add smart contracts as well.
After months of will-he-won’t-he, the eccentric Tesla CEO acquired Twitter for $44 billion on October 27.
After crypto proponents learned that he would assume control of Twitter by the end of the week, the price for DOGE started rising.
However, Elon Musk, who is often known as the ‘Dogefather,’ has yet to give proper clarification as to what he plans to do with Doge.
SHIB Could Face Bull Rally as DOGE Price Rises
As Dogecoin sees a price increase, proponents expect that Shiba Inu could follow. According to Santiment, a market intelligence platform, the supposed Dogecoin killer has usually mimicked Dogecoin’s price increases.
Investors can expect a Shiba Inu rally moving forward, and considering how the top 5000 whales hold SHIB worth $94,297,394, they’re poised and ready.
Of course, that doesn’t mean SHIB hasn’t seen impressive growth on its own in the last couple of months. Within the course of a year, the canine-themed coin has been listed on major exchanges.
Additionally, devoted members of the SHIB army signed a petition to include the token on Robinhood, which led to an impressive price increase. Unlike most other tokens, much of SHIB’s growth relies on crypto whales.
Crypto Whales Account for 70% of SHIB Holdings
Based on reports by services like WhaleStats, which provides whale alerts, approximately 70 percent of SHIB is owned by eight crypto whales. Combined, their holdings make up 41 percent of the overall supply in circulation.
Therefore, any movement from within those crypto addresses could have a huge impact on the price of Shiba Inu.
Although Shiba Inu was developed as satire to mock Dogecoin, it started gaining traction among investors, who realized its potential utility. Now, various firms are stepping up to accept Shiba Inu as a mode of payment.