According to statistics from digital asset tracking platform CoinGecko, the meme-inspired cryptocurrency Dogecoin (DOGE) has surpassed Cardano (ADA) in market value as a result of tweets from billionaire Elon Musk.
The “Japanese Ethereum” has been surpassed by DOGE, which has grown more than 9% in the last day and about 20% in the last week. DOGE is currently the eighth largest cryptocurrency by market cap. As of the writing of this sentence, DOGE is now trading at about $0.08.
The rise of Dogecoin comes after a mysterious post from the owner of Twitter that appeared to connect DOGE with Twitter’s new logo and was shared by a Dogecoin designer.
According to U.Today, around the beginning of April, Doge, the Shiba Inu dog face associated with meme-based cryptocurrencies, temporarily took the place of Twitter’s iconic bird emblem.
Investor attention was stirred and the latest spike was started by this suggestion of Dogecoin incorporation into Twitter’s payment mechanism. It’s still unclear if this rise will continue, though.
The revival of Dogecoin occurs when the whole digital asset market experiences fluctuating performance. According to CoinGecko statistics, Bitcoin (BTC) dropped below the $29,000 mark while Ethereum (ETH) and Binance Coin (BNB) remained largely stable.
On the other side, Cardano (ADA) had a decline of 2.3% during the previous week, bringing its market valuation below that of Dogecoin.
This development highlights the impact of well-known individuals like Musk on the unpredictable meme currency market. Despite the controversial businessman’s continued support for Dogecoin, the meme currency is still down 90% from its all-time high in May 2021. It’s doubtful that Musk’s casual allusions and suggestions will spark a new significant rise.
