Monday, December 4, 2023

Dogecoin overtakes Cardano after Twitter goes doge-crazy

Dogecoin flips Cardano for seventh rating after Twitter changed its homepage emblem with a doge.

Dogecoin soars on Twitter emblem substitute

On March 3, Twitter included a doge on its load display screen — additionally changing its blue hen homepage emblem with the enduring image.

The chart beneath exhibits that the following shopping for frenzy kicked off at 18:30 (BST) — prompting a 24% spike within the 30-minute candle. Momentum took the coin as excessive as $0.1047, marking a 17-week excessive.

Revenue-taking because the native high noticed a dip that bottomed at $0.0891. Nonetheless, the transfer was sufficient to overhaul Cardano because the seventh-largest cryptocurrency by market cap.

Dogecoin 30 minute chart
Supply: DOGEUSD on

The trough-to-peak transfer added $3.4 billion to Dogecoin’s market cap. Regardless of the next worth dip, DOGE has managed to retain the vast majority of the positive factors. Its present $13.65 billion market cap marginally edges above Cardano’s $13.58 billion valuation.

Amid a usually flat market, Dogecoin leads the 24-hour gainers — gaining 25% over the interval. The following largest is Injective (INJ,) having recorded 8% positive factors over the identical interval.

Critics blast the transfer

Following Elon Musk’s Twitter buy in October 2022, rumors circulated of a crypto integration. Nonetheless, by January, the social media big poured chilly water on the rumors.

Twitter stated it was exploring the way to incorporate digital funds, together with buying related regulatory licensing — including that crypto performance might come later.

It’s unclear whether or not Monday’s stunt signifies coming crypto integration. Musk has posted a number of tweets in response to the transfer, together with a meme on the blue hen being “an outdated picture”.

Nonetheless, at face worth, it looks like the transfer was motivated by a dialog with @WSBChairman, who steered the change.

Elon Musk tweet
Supply: @elonmusk on

Referencing previous run-ins Musk has had with regulators, in addition to the present Operation Chokepoint 2.0 scenario, Ivan on Tech sarcastically known as on the SEC to take motion.

Nonetheless, taking a extra critical tone, Brad Mills blasted Musk for selling “degenerate get-rich-quick crap” over Bitcoin.

“Elon is contributing to monetary illiteracy & wealth inequality.

The publish Dogecoin overtakes Cardano after Twitter goes doge-crazy appeared first on CryptoSlate.

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