Dogecoin (DOGE) has risen by 150% from $0.0594 to $0.15 since Tuesday, according to CoinDesk data, replacing Cardano’s native token ADA as the sixth largest cryptocurrency in the world.

The crypto's market cap is currently at $17.5 billion, surpassing that of more than 120 members of the S&P 500.

DOGE's price surge seems to be due to Elon Musk's takeover of Twitter. Musk is a long-time fan of DOGE and has proposed using DOGE to target spams and bots on Twitter and charge users for their tweets.

There are speculations that DOGE will merge with Twitter now that Elon Musk has taken over the social media platform; however, it remains unclear as to whether this will happen.

Author: Tris Bell