Dogecoin pushed Cardano to number seven after Twitter replaced its homepage logo with a dog.
Dogecoin soars after Twitter logo swap
On March 3rd, Twitter incorporated a dog into its loading screens. We also replaced the blue bird homepage logo with an iconic photo.
The chart below shows that the ensuing buying frenzy began at 18:30 (BST) and the 30-minute candle surged 24%. Momentum climbed to $0.1047, a 17-week high.
Taking profit from local highs bottoming out at $0.0891. Nevertheless, the move was enough to overtake Cardano as the seventh-largest cryptocurrency by market capitalization.
The move from trough to peak increased Dogecoin’s market cap by $3.4 billion. Despite the subsequent price decline, DOGE was able to retain most of its profits. The current market cap of $13.65 billion is slightly higher than Cardano’s valuation of $13.58 billion.
In a largely flat market, Dogecoin leads the 24-hour riser, gaining 25% over the period. The next largest is Injective (INJ), who posted an 8% gain over the same period.
Critics blast the move
Rumors of crypto integration circulated after Elon Musk acquired Twitter in October 2022. But by January, the social media giant was pouring cold water on the rumors.
Twitter said it was exploring ways to incorporate digital payments, including obtaining the relevant regulatory licenses, adding that cryptographic functionality could come later.
It’s unclear if Monday’s stunt indicates an upcoming crypto convergence.Musk posted several tweets in response to the move. meme The blue bird is an “old photo”.
But at face value, the move appears to have been motivated by a conversation with. @WSBC Chairthe person who proposed the change.
Given Musk’s past run-ins with regulators and the current status of Operational Chokepoint 2.0: Ivan on Tech He sarcastically called on the SEC to take action.
But in a more serious tone, Brad Mills accused Musk of promoting ‘Degenerate get-rich-quick junk” Via Bitcoin.
“Elon is contributing to financial literacy and wealth inequality.“
The post first appeared on CryptoSlate after Dogecoin overtook Cardano and caused a Twitter frenzy.
