Dogecoin overtakes Cardano after Twitter goes doge-crazy

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.

Dogecoin 30 minute chart
Source: DOGEUSD on TradingView.com

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.

Elon Musk tweet
Source: @elonmusk on Twitter.com

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.

The post Dogecoin overtakes Cardano after Twitter goes doge-crazy appeared first on CryptoSlate.

Read Entire Article


Add a comment

  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%
  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%