Dogecoin market capitalization has now surpassed that of Cardano, making it the 8th largest digital asset.
According to CoinMarketCap, DOGE has rallied by over 100% in the last seven days following Elon Musk Twitter acquisition. The market cap of Dogecoin also neared $20 billion on Oct. 29 before dropping to $16.35 billion at press time.
The latest DOGE bull rally is being fueled by speculation about the role Dogecoin could play on Twitter.
Traders React to Dogecoin Bull Rally
The surge in the price of Dogecoin has already generated significant returns for many traders. The SlumDOGE Millionaire shared a screenshot showing that he made over $250,000 in unrealized profits after DOGE jumped by 75% within 24 hours.
The rise now means the Dogecoin price is trading above $0.10 for the first time since May 2022. The crypto market sentiment remains bullish among traders, with many speculating DOGE price will hit $1.
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