The OG meme coin Dogecoin has recently overtaken Cardano in market capitalization, attracting investors with hopes of a bigger role on Twitter’s rebranded “everything app,” X. As of the latest data from CoinGecko, DOGE has surged around 2.5% in the past 24 hours, trading at $0.0789. In the last week, it has emerged as the best-performing coin among the top 10 cryptocurrencies, boasting a growth of 13.8%. Meanwhile, Cardano (ADA) has faced a 4.5% decline over the same period, with its market cap falling below Dogecoin’s.
The upsurge in Dogecoin can be attributed to cryptic tweets from Twitter owner Elon Musk. Musk’s recent tweets included a promotional image of the social media giant’s new logo, originally shared by a Dogecoin designer. In addition, Musk added the Dogecoin ticker logo to the location field in his Twitter bio, reigniting speculations that DOGE may play a significant role on X.
Elon Musk’s infatuation with the meme coin has led to widespread speculations about DOGE becoming a payment mechanism for X. Last April, Musk hinted at the possibility of using Dogecoin for Twitter Blue, the platform’s subscription service offering premium features. Tesla, another of Musk’s ventures, already accepts DOGE as payment for merchandise purchases, and he has teased similar options for SpaceX and Starlink.
If these speculations turn out to be true and Dogecoin is indeed integrated into Twitter X’s payment infrastructure, the cryptocurrency may experience a substantial surge, possibly reaching new record highs.
However, Musk’s fondness for Dogecoin has not been without controversy. In June of the previous year, a group of disgruntled Dogecoin investors filed a massive $258 billion class-action lawsuit against Musk, Tesla, and SpaceX. The complaint accused the self-proclaimed “Dogefather” of operating a pyramid scheme to artificially inflate Dogecoin’s price by over 36,000% over two years before it could crash.
Despite the negative attention surrounding Musk and Dogecoin, his lawyers have staunchly defended him, labeling the lawsuit as a “fanciful work of fiction” in their attempt to dismiss the case.
The rise of Dogecoin, fueled by Elon Musk’s tweets and speculations about its role on Twitter’s X, has significantly impacted its market capitalization, surpassing Cardano. While the potential integration of DOGE into X’s payment infrastructure offers promising opportunities, controversies surrounding Musk’s association with the meme coin add an element of uncertainty to its future. Investors and crypto enthusiasts will undoubtedly keep a close eye on how this intriguing saga unfolds in the rapidly evolving world of cryptocurrency.