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Why Dogecoin Replaced Cardano As 6th Largest Crypto

By February 6, 2023No Comments

After being displaced by Cardano as the sixth largest cryptocurrency, Dogecoin is experiencing an uptick in price. Several factors are at play, including Elon Musk’s Twitter acquisition, Whale activity, and the release of the Dogecoin roadmap.

However, there is also a problem: Dogecoin operates on a proof-of-work blockchain, a slow and inefficient method for creating and executing decentralized applications. It is necessary to upgrade to a proof-of-stake blockchain to compete with Cardano. Just go to quantum ai website and register for free to start trading Bitcoin.

Elon Musk’s acquisition of Twitter

Cryptocurrency aims to provide a more convenient and more private way to send and receive money. The new partnership with Twitter is expected to boost the value of Dogecoin. Elon Musk is the CEO of SpaceX and Tesla and has recently acquired Twitter for $44 billion.

Musk intends to retake Twitter public within 3 to 5 years. The acquisition has sparked widespread anxiety among Twitter staff. In one Twitter thread, Musk admitted to laying off “some of the coolest people” but has denied the extent of the layoffs.

Whale activity

Dogecoin is currently at its highest price since May, topping $0.1494 over the weekend. Whale activity is increasing as a result of the price spike. However, the relative strength index (RSI) is overbought and shows that the coin could fall by up to 60% in the next few days.

Recent reports indicate that the price has been driven by the release of a new roadmap for Dogechain, which will connect Dogecoin with decentralized applications. Moreover, Dogecoin supporters believe that Musk’s support for the coin has helped fuel the price spike.

Whales have a significant stake in the price of cryptocurrencies. An investor must own more than five percent of a given coin to be considered a whale. The whales’ buying and selling activity can boost a cryptocurrency’s price by removing it from circulation. However, they can also cause price dips by selling a large volume of a particular coin. This is particularly harmful in unregulated markets where many investors can sell large quantities of a currency at a time.

Dogecoin roadmap release

The Dogecoin roadmap release highlights what the team plans to do to help users get the most out of the cryptocurrency. The blockchain is expected to add new features in the future, and developers will be able to integrate these features with their applications. There is also a point-of-sale app on the way, which could allow users to use their Dogecoins at retail locations.

The new Dogechain roadmap also includes a proposal for a proof of stake and community staking. These developments will help the community to use the currency wherever they choose. The developers plan to work on these projects while keeping the cash decentralized and shepherded. They also plan to make it money used in any part of the world.

Elon Musk’s support

Elon Musk has taken a keen interest in Dogecoin, a cryptocurrency that started as a joke but has grown to be the most popular cryptocurrency. Although it has no real value, it is backed by popular social networks like Twitter. Crypto has a large following on Twitter and is expected to soon be used as a payment method by the social networking site.

Musk has previously said that he would instead use Dogecoin for transactions than Bitcoin. This statement, however, has caused the price of Dogecoin to plunge 40%. Elon Musk’s support for Dogecoin is not entirely unexpected. He has supported the development of Decentralised Finance, a blockchain-based method of financial transactions that do not rely on any financial intermediaries. The company’s platform allows users to hold their Ethereum-based crypto assets directly, with no third party involved.

Cardano-Dogecoin alliance

Since its launch in 2013, Dogecoin (DOGE) has seen a 115% rise in price and replaced Cardano as the 6th largest cryptocurrency. Its price has doubled from $0.08 to $0.15 in less than a week, boosting its bullish sentiment among DOGE holders. Meanwhile, Cardano’s price has remained steady. Coinglass, which tracks the liquidity of crypto assets, notes that DOGE is approaching a liquidity zone between $0.13 and $0.14, suggesting that the uptrend may be over.

However, some Cardano investors are not happy with this development. They wanted Hoskinson to push for an alliance between the two coins and to merge their blockchain projects. While this alliance would benefit Cardano, it would not offer much value to Dogecoin.


Several narratives have emerged about the relationship between cryptocurrency and financial inclusion. Each one addresses a different need and group of people. However, a closer look reveals that these narratives are inconsistent and do not address the real issues.

This article explores the potential for crypto to exacerbate inequality in financial services and offers several solutions to financial inclusion without relying on crypto.

Jerico Saquing

Jerico Saquing

Jerico is the founder of Peso Hacks. He's also a freelance writer who specializes in topics related to finance, travel and games. In his spare time, he likes to watch anime, play mobile games and read books.

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