Dogecoin overtakes Cardano after Twitter goes doge-crazy Dogecoin overtakes Cardano after Twitter goes doge-crazy
Dogecoin jumps to a 17-week high after Twitter changed to a doge homepage logo — sparking rumors of crypto integration.
2 min read
Updated: Apr. 4, 2023 at 10:08 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
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.“
Mentioned in this article
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Cardano
$0.94575
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Injective
$21.9930
Injective is an open interoperable smart contracts platform optimized for decentralized finance applications.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
