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Dogecoin flips Cardano for seventh ranking after Twitter replaced its homepage logo with a doge.
Dogecoin soars on Twitter logo replacement
On March 3, Twitter incorporated a doge on its load screen — also replacing its blue bird homepage logo with the iconic picture.
The chart below shows that the ensuing buying frenzy kicked off at 18:30 (BST) — prompting a 24% spike in the 30-minute candle. Momentum took the coin as high as $0.1047, marking a 17-week high.
Profit-taking since the local top saw a dip that bottomed at $0.0891. Nonetheless, the move was enough to overtake Cardano as the seventh-largest cryptocurrency by market cap.
The trough-to-peak move added $3.4 billion to Dogecoin’s market cap. Despite the subsequent price dip, DOGE has managed to retain the majority of the gains. Its current $13.65 billion market cap marginally edges above Cardano’s $13.58 billion valuation.
Amid a generally flat market, Dogecoin leads the 24-hour gainers — gaining 25% over the period. The next biggest is Injective (INJ,) having recorded 8% gains over the same period.
Critics blast the move
Following Elon Musk’s Twitter purchase in October 2022, rumors circulated of a crypto integration. However, by January, the social media giant poured cold water on the rumors.
Twitter said it was exploring how to incorporate digital payments, including acquiring relevant regulatory licensing — adding that crypto functionality may come later.
It’s unclear whether Monday’s stunt indicates coming crypto integration. Musk has posted several tweets in response to the move, including a meme on the blue bird being “an old photo”.
However, at face value, it seems like the move was motivated by a conversation with @WSBChairman, who suggested the change.
Referencing past run-ins Musk has had with regulators, as well as the current Operation Chokepoint 2.0 situation, Ivan on Tech sarcastically called on the SEC to take action.
However, taking a more serious tone, Brad Mills blasted Musk for promoting “degenerate get-rich-quick crap” over Bitcoin.
“Elon is contributing to financial illiteracy & wealth inequality.“