It’s official: Dogecoin surpasses Cardano (ADA) to become the seventh largest crypto in the world by market value. Specifically, this happened after Twitter, thus Elon Musk, replaced the logo on the homepage with a Doge. Let’s see what happened.
Summary
Crypto news: Dogecoin surpasses Cardano (ADA), the data
As anticipated, in recent hours Dogecoin (DOGE), the meme coin that also became famous thanks to Elon Musk‘s support, has officially become the world’s largest crypto week by market value, surpassing even Cardano (ADA), the prestigious open source project.
In particular, we see that the buying frenzy caused a 24% spike in the 30-minute candle. The momentum took the coin up to $0.1047, marking a 17-week high.
The move was consequently enough to overtake Cardano (ADA) as the seventh largest cryptocurrency by market capitalization. In addition, moving from the low to the high added $3.4 billion to Dogecoin’s market capitalization.
Despite the subsequent price drop, DOGE has managed to retain most of its gains. Its current market capitalization is $13.65 billion, which slightly exceeds the $13.58 billion valuation of Cardano (ADA).
In a generally flat market, Dogecoin leads the 24-hour gainers, posting a 25% gain over the period. The second largest in this regard is Injective (INJ), which posted gains of 8% over the same period.
The Dogecoin crypto is Twitter’s new logo: here’s why it surpassed Cardano (ADA)
As of yesterday, the new logo on Twitter’s website is the dog of Dogecoin, the crypto that Elon Musk has always been a big supporter of. As a result of this change, the price of DOGE literally skyrocketed, which is why it surpassed Cardano (ADA) in market capitalization.
At the same time, Musk posted a cartoon on Twitter showing DOGE behind the wheel who, stopped by a policeman who is verifying his identity, explains that “it’s an old photo” to the officer who looks puzzled at the bluebird on the ID.
— Elon Musk (@elonmusk) April 3, 2023
As anticipated, as a result of this move, the price of DOGE naturally saw an incredible increase in the last 24 hours. Specifically, DOGE went from the price of $0.077 to the current $0.098, registering a +25% in less than 24 hours.
Not only that, overnight, DOGE also reached $0.10. To summarize, Dogecoin is up about 30%, and clearly, “Doge” has also started trending on Twitter.
Apparently, this is yet another decision by Musk that is again causing him to achieve what he always succeeds in: outperforming all estimates of a bearish trend on DOGE. However, Musk is also currently the subject of a $258 billion lawsuit.
The current owner of Twitter is believed to be responsible for the cryptocurrency’s outsized growth. And investors now accuse him of deliberately driving up the price of Dogecoin by more than 36,000% in two years and then letting it crash.
A rise that took place through a meme campaign on Twitter, which was followed by nothing and the consequent collapse of the crypto’s value, which, despite fluctuations due to Twitter’s logo change, remains well below the value touched in 2021.
Musk in favor of the Floki memecoin
This is not the first time Elon Musk has raised the price of a memecoin. In fact, in February, he had done the same thing that has now happened with Dogecoin with another crypto, namely Floki Inu (FLOKI).
Specifically, the new CEO of Twitter had declared that his dog Floki would be the new CEO of Twitter. The announcement came via his new social network, which read:
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
As a result, the FLOKI memecoin rose about 42% after Musk’s tweet, reaching $0.00003. In addition, trading volume had increased 290% in just 24 hours.
However, the credit was not Musk’s alone, as, in the past few months, Floki’s developers have been working on a “burn” mechanism for the memecoin to reduce the supply in the market. It is also pointed out that transaction fees were reduced by almost 0.3%.
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