Dogecoin Continues to Rally After Overtaking Cardano, Elon Musk Tweets
Dogecoin (DOGE-USD) isn’t stopping its recent rally, with the crypto climbing higher again on Tuesday thanks to recent news.
The first bit of news that DOGE investors will want to note is that the crypto just overtook Cardano (ADA-USD). Dogecoin recently saw its market capitalization rise above ADA’s, pushing it to eighth place on the list of largest cryptos by market cap.
It’s not like DOGE wasn’t rallying before that, however. The value of the coin has actually been seeing solid gains over the last few days after the successful acquisition of Twitter by Elon Musk.
Why Does Musk Buying Twitter Matter?
Elon Musk has been a vocal supporter of Dogecoin, with Twitter being his platform of choice for sharing memes and updates about the crypto. This has many traders of the coin seeing his purchase of the platform as a win for DOGE.
Adding to this, Musk hasn’t slowed the brakes on posting Dogecoin memes, either. The new “Chief Twit” — as well as the CEO of Tesla (NASDAQ:TSLA) and SpaceX — recently shared an image of a Shiba Inu wearing a shirt with the Twitter logo.
With all of this recent interest comes heavy trading. The 24-hour trading volume for DOGE is up 52.2% as of Tuesday morning. The crypto is also up 15.1% over the same 24-hour period.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.