Musk previously promised to change Twitter’s logo to a Dogecoin-themed image in a conversation with WallStreetBets’ chairman.
The biggest and oldest meme coin is Dogecoin (Doge), all its metrics were up on Monday after the tech billionaire and Tesla Inc (NASDAQ: TSLA) CEO Elon Musk Twitter Inc.’s blue bird logo was changed to a dog-themed image. as per latest market statistics According to Binance-backed Coinmarketcap and CoinGecko, the price of Dogecoin jumped as much as 25 percent to a high of around $0.1026. Dogecoin price was trading near $0.9692 in the early Asian market on Tuesday. Notably, the daily trading volume of Dogecoin increased by 431 percent to reach $4,059,555,102 in the past 24 hours.
As a result, the market capitalization of Dogecoin increased by almost 25 percent on Tuesday to around $13,452,464,496. According to aggregate market data provided by CoinGlass, more than $24 million was liquidated from the Dogecoin network due to the sudden price movement.
DOGE tapped into Musk’s Twitter
On Monday, the Dogecoin community was perplexed by Musk’s decision to include the DOGE symbol as the new Twitter logo. This move sparked new enthusiasm in the Meme Coin community. Furthermore, Dogecoin crossed Polygon (diplomatic) market cap and now cardano (ada) if the momentum sustains in the coming days.
— Elon Musk (@elonmusk) April 3, 2023
Musk previously promised to change Twitter’s logo to a Doge-themed image in talks with the chairman of WallStreetBates, the group that led the 2021 short squeeze Gamestop Corp CL A (NYSE: GME) shares.
as promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
After the recent event, Dogecoin whales noticed an increase in on-chain activity. According to research data provided by on-chain analytics platform LookOnChain, the fifth largest holder of DOGE transferred 650 million units worth approximately $61.3 million.
side notes
Meanwhile, all was not well for the Tesla market on Monday. Tesla shares closed the day at around $193.30, down about 6.12 percent, according to market data provided by Marketwatch. Still, the drop in Tesla shares isn’t directly related to Dogecoin’s price pump on Monday.
In other headlines, Musk’s lawyers asked a US judge to dismiss a $258 billion racketeering lawsuit alleging he ran a pyramid scheme to back the cryptocurrency Dogecoin. While Musk has won similar cases before, his lawyers are confident the court will throw out the ongoing lawsuit.
“There is nothing illegal about tweeting words of support or funny pictures about a legitimate cryptocurrency that has a market cap of nearly $10 billion,” Musk’s lawyers said. “This Court should put a stop to the imagination of the plaintiff and dismiss the complaint.”
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