Dogecoin Surpasses Cardano After Twitter Stunt
Dogecoin, a cryptocurrency that started as a joke, recently overtook Cardano as the seventh-largest cryptocurrency by market cap.
On March 3, Twitter replaced its homepage logo with the iconic Doge meme, sparking a buying frenzy that saw Dogecoin’s value surge by 24% in just 30 minutes.
The move coincided with a tweet from the chairman of the WallStreetBets subreddit, who suggested the change to Elon Musk, a vocal supporter of Dogecoin. Musk responded with a meme about the bluebird being an old photo, but it’s unclear if the move indicates Twitter’s plan to integrate cryptocurrency on its platform.
— Elon Musk (@elonmusk) April 3, 2023
Following the spike, Dogecoin’s market cap increased by $3.4 billion, reaching $14.05 billion, just above Cardano’s $13.8 billion. The surge marked a 17-week high for Dogecoin, which had been experiencing a relatively flat market.
DOGE’s price managed to gain 30% on the daily chart with a $5 billion trading volume.
Despite the profits made by Dogecoin holders, some experts warned against investing in the cryptocurrency. Ivan on Tech, a blockchain expert, criticized Musk’s involvement with Dogecoin and suggested the Securities and Exchange Commission (SEC) take action.
Will SEC come after Elon for $DOGE logo?
Prooteectooooorrrr please protect us!!!! pic.twitter.com/zvSDC0vBMV
Meanwhile, Twitter said it was exploring how to incorporate digital payments and acquire relevant regulatory licensing but added that crypto functionality might come later. Regardless, Dogecoin’s popularity and value have continued to grow, making it a viable investment option for some.