July 25, 2023 11:42 PM | 2 min read
The cryptocurrency market may be relatively quiet today, but one cryptocurrency has been making waves: Dogecoin (CRYPTO: DOGE).
What Happened: At the time of writing, Dogecoin experienced a surge of over 7% in the past 24 hours, trading at $0.080, outperforming other popular tokens such as Shiba Inu (CRYPTO: SHIB) and Pepe Coin (CRYPTO: PEPE) that saw 1.12 and 2% gains respectively since the last day.
In fact, over the past week, DOGE has seen an 18% increase, making it one of the best-performing coins in recent days.
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What Triggered This Sudden Surge? Twitter boss and the world’s richest man, Elon Musk, had a role to play in it.
Musk on Tuesday tweeted a promotion of Twitter’s new logo, originally shared by a Dogecoin designer.
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Interestingly, Musk has also added the Dogecoin symbol to the location field in his Twitter bio. Crypto enthusiasts were quick to connect the dots, interpreting the “X” in the logo as a reference to Twitter’s rebranding and the “D” as a nod to Dogecoin.
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Why It Matters: Given Musk’s history of publicly supporting Dogecoin, this small adjustment to his Twitter profile has sparked speculation about his intentions regarding the meme-inspired digital asset.
It is worth noting that Dogecoin, originally created in 2013 as a joke by an engineer duo, now holds the position of the seventh largest digital asset, boasting a market capitalization of $11.2 billion.
Read Next: Bitcoin, Ethereum, Dogecoin Rise Ahead Of Fed Rate Decision: Analyst Says Elon Musk’s DOGE Bio Move No Coincidence, Predicts $0.10 Level For Meme Coin
Photo Courtesy: Shutterstock.com
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