According to CoinMarketCap, Dogecoin has replaced Cardano as the 8th largest cryptocurrency by market cap. On Saturday night, Dogecoin quickly jumped ahead of Cardono to claim eighth place.

Doge price is up 131.23% in the last 7 days. At the time of writing, the price of Dogecoin stood at $0.1344, up 50.34% in the last 24 hours, with a 24-hour trading volume of $15,024,853,397 USD.

Doge is currently ranked No. 8, with a live market cap of $17,968,371,819 USD, ahead of Cardano, now in 9th place, and Solana, in 10th place, with $14.4 billion and $ 11.9 billion, respectively.

The meme token rallied on Monday as rumors surfaced that Elon Musk, CEO of Tesla Motors, was poised to buy Twitter’s social media platform. Doge’s optimism remained throughout the week anchored by two crucial factors.

Dogecoin price surged 14.52% on Wednesday, bringing the 24-hour gain to 21.22%, with the coin trading at $0.072. The rise in crypto market capitalization and crossing above the $1 trillion mark has been a contributing factor to DOGE’s rise this week.

On top of that, Doge’s rise contributed greatly to Elon Musk’s breakthrough to seal the Twitter takeover deal. The billionaire made an appearance at Twitter headquarters on Wednesday and finally closed the deal on Friday, October 28, ending the six-month ordeal. Blockchain.News reported on the matter.

Dogecoin is doing quite well in the market due to the impact it could have on the Twitter platform. In the past, Musk has suggested using DOGE to limit spam and bots on Twitter and charge users for their tweets.

Billionaire Elon Musk has been a huge supporter of Dogecoin. In January, Tesla began accepting the Dogecoin cryptocurrency for its merchandise, such as the “Giga Texas” belt buckle and mini-model electric vehicles.

Since Elon Musk is now at the helm of Twitter, social media is likely to make a similar move that will cause Dogecoin prices to explode due to their mass adoption.

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