Twitter's Doge Logo Sparks 17-Week High for Dogecoin, Overtakes Cardano in Market Cap

• Dogecoin surged to a 17-week high after Twitter replaced its homepage logo with the Shiba Inu dog image on March 3, sparking rumors of potential crypto integration, and prompting a 24% spike in the 30-minute candle.
• The increase in the value of DOGE enabled it to overtake Cardano, becoming the seventh-largest cryptocurrency by market cap. DOGE has maintained the majority of its gains, leading the 24-hour gainers and gaining 25% over the period.
• The move by Twitter has reignited rumors of a crypto integration on the platform. However, it is still unclear whether the doge stunt indicates that a crypto integration is coming. Elon Musk has responded to the move with tweets, including a meme on the blue bird logo being "an old photo."

Dogecoin, the meme-inspired cryptocurrency, has surged to a 17-week high after Twitter changed its homepage logo to the iconic doge image, sparking rumors of a potential crypto integration. Twitter replaced its traditional blue bird logo with the image of the Shiba Inu breed on March 3, which triggered a buying frenzy among DOGE investors. The 30-minute candle recorded a 24% spike, taking the coin to as high as $0.1047, a 17-week high, before profit-taking took over and the value of the coin dipped to $0.0891. Despite the subsequent price dip, DOGE managed to maintain the majority of its gains.

The increase in the value of DOGE has been enough to overtake Cardano, making Dogecoin the seventh-largest cryptocurrency by market cap. The trough-to-peak move added $3.4 billion to Dogecoin’s market cap, which currently stands at $13.65 billion, marginally edging above Cardano’s $13.58 billion valuation. DOGE has managed to remain strong in an otherwise flat market, leading the 24-hour gainers and gaining 25% over the period. The next biggest gainer is Injective (INJ), having recorded an 8% gain over the same period.

Twitter’s move has reignited rumors of a crypto integration on the platform. Following Elon Musk’s Twitter purchase in October 2022, rumors circulated of a potential crypto integration. However, Twitter poured cold water on the rumors by saying it was exploring how to incorporate digital payments, including acquiring relevant regulatory licensing, and adding that crypto functionality may come later. It is still unclear whether Monday’s doge stunt indicates that a crypto integration is coming. Musk has responded to the move with tweets, including a meme on the blue bird logo being “an old photo.”

At face value, the move seems 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.

Table 1: DOGE and Cardano Market Cap Comparison

Table 2: Top 24-hour Gainers