Dogecoin has been on a surge since Elon Musk’s Twitter changed its logo. The infamous blue bird logo of Twitter was changed to an image of Dogecoin. The move was considered a deliberate one to remind the community that DOGE is still Musk’s favorite cryptocurrency.
When Musk acquired Twitter, the price of DOGE shot up by over 100%. This was in anticipation that the meme coin would become an integral part of the social media giant. Even though Musk was not quite vocal regarding his support for Dogecoin in the past few months, all that has been put aside by his recent move.
The replacement of the old Twitter logo with that of Dogecoin has definitely pushed the price of the coin on an upward trajectory. The meme coin has not just spiked in value by almost 30% in the last 24 hours; it even dethroned Cardano in market cap.
Dogecoin surpassed Cardano’s market cap
Dogecoin surged in price from its 24-hour low of the $0.07 range to a high of $0.1028. CoinMarketCap data reveals that the recent surge in the price of DOGE has also spiked its market cap. The meme coin soon dethroned Cardano to occupy the seventh rank by market cap globally.
However, the victory was short-lived as Cardano regained its seventh rank at press time. ADA and DOGE are fighting for the title, with the former preceding the latter with just a $200 million market cap difference. This is primarily due to DOGE’s price falling by 4.1% at press time. Musk’s favorite cryptocurrency is trading at $0.09663 at press time.
Nevertheless, the DOGE community woke up to a piece of happy news after Musk made Dogecoin the face of Twitter. It should also be noted that it is unclear at the moment as to whether this is a permanent change or a temporary one.