Dogecoin (DOGE), the meme-inspired cryptocurrency, has surged ahead of Cardano (ADA) in market capitalization following tweets from billionaire Elon Musk, according to data from digital asset tracking platform CoinGecko.
DOGE, which increased more than 9% in the past 24 hours and nearly 20% in the past week, now stands as the eighth largest cryptocurrency by market cap, bypassing the "Japanese Ethereum." At the time of writing, DOGE is trading at approximately $0.08.
The ascent of Dogecoin follows a cryptic tweet from the Twitter owner, seemingly linking DOGE and Twitter's new logo, shared by a Dogecoin designer.
As reported by U.Today, Twitter's famous bird logo was briefly replaced by Doge, the Shiba Inu dog face associated with meme-based cryptocurrency in early April.
This hint of Dogecoin integration into Twitter's payment system piqued investor interest and sparked the recent rally. However, it remains to be seen whether this rally will have legs.Dogecoin's resurgence comes amid the broader digital asset market showing mixed results. CoinGecko data reveals that Bitcoin (BTC) fell to sub-$29,000 levels, while Ethereum (ETH) and Binance Coin (BNB) held relatively steady.
Cardano (ADA), on the other hand, saw a decrease of 2.3% over the past week, dropping its market cap below that of Dogecoin's.
This development underscores the influence of prominent figures such as Musk on the volatile meme coin market. However, while the controversial entrepreneur is not abandoning Dogecoin, the meme coin is still down 90% from its all-time peak in May 2021. The casual mentions and hints by Musk are unlikely to ignite another major rally.