DOGE Surged 25% When Musk Turned the Blue Bird into a Golden Doge

Photo by Kanchanara on Unsplash

After business tycoon and Tesla Inc CEO Elon Musk transformed Twitter Inc’s blue bird emblem to a dog-themed graphic, the value of the largest and oldest meme coin, Dogecoin (DOGE), increased across the board on Monday.

The most recent market data from Coinmarketcap and Coingecko indicate that the price of Dogecoin increased by as much as 25 percent, reaching a high of approximately $0.1026.

DOGE coin chart (1.1)

The price of Dogecoin was approximately $0.98412 during early trading on the Asian market on Tuesday. Importantly, over the course of the last twenty-four hours, the daily traded volume of Dogecoin increased by more than 431% to reach around $4,059,555,102.

As a direct consequence of this, Dogecoin’s total market value increased by around 25 percent, reaching approximately $13,452,464,496 on Tuesday.

According to statistics compiled from the market and published by Coinglass, the abrupt swing in price resulted in the sale of more than $24 million worth of dogecoins from the network.

 

DOGE Monitors Musk’s Twitter Account

On Monday, members of the Dogecoin community were taken aback by Musk’s announcement that the DOGE symbol would be incorporated into the updated Twitter design. The action prompted renewed excitement among members of the meme coin ecosystem.

In addition, Dogecoin’s market valuation has surpassed that of Polygon (MATIC), and it is now on the verge of decoupling Cardano (ADA), provided that the current surge continues in the days ahead.

During a chat with the chairman of WallStreetBets, the company that led the 2021 market correction on GameStop Corp Cl A shares, Musk had earlier made a pledge to replace the Twitter logo with a graphic based on the cryptocurrency known as Doge.

After the recent occurrence, it was discovered that the on-chain activity of Dogecoin whales had significantly increased.

Research findings made available by the on-chain platform Lookonchain indicate that the fifth largest owner of DOGE recently transferred 650 million units with a value of about $61.3 million.

 

On a Side Note

On the other hand, the market for Tesla automobiles did not have the best day on Monday. The market data that was provided by MarketWatch indicated that Tesla shares had a decline of roughly 6.12 percent to finish the trading day at approximately $193.30.

Yet, the price increase of Dogecoin on Monday does not have a clear relationship with the decrease in Tesla shares that occurred on Friday.

In other news, lawyers for Elon Musk have requested a judge in the United States to dismiss a racketeering complaint against him that seeks $258 billion in damages and accuses him of operating a pyramid scheme to promote the cryptocurrency Dogecoin.

Despite the fact that Musk has been successful in other lawsuits of a similar nature, his attorneys are optimistic that the court will dismiss the current action.

“There is nothing illegitimate about tweeting encouragement for, or funny pictures about, a valid cryptocurrency that keeps holding a market cap which is nearly $10 billion,” Musk’s lawyers said.Β Β Β It is imperative that this court put an end to the plaintiffs’ wishful thinking and throw out their complaints.

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