Musk had previously promised to change Twitter’s logo to a Dogecoin-themed image in a conversation with the WallStreetBets chairman.
The largest and oldest meme coin Dogecoin (DOGE), had all of its metrics surging on Monday after tech billionaire and Tesla Inс (NASDAQ: TSLA) CEO Elon Musk changed Twitter Inc’s blue bird logo to a dog-themed image. According to the latest market data from Binance-backed Coinmarketcap and Coingecko, the Dogecoin price jumped as much as 25 percent to reach a high of around $0.1026. Dogecoin price during the early Asian market on Tuesday traded around $0.9692. Notably, Dogecoin’s daily traded volume spiked over 431 percent in the past 24 hours to reach about $4,059,555,102.
As a result, Dogecoin’s market capitalization gained about 25 percent to stand around $13,452,464,496 on Tuesday. Due to the sudden price movement, over $24 million was liquidated from the Dogecoin network according to market aggregate data provided by Coinglass.
DOGE Taps on Musk’s Twitter
On Monday, the Dogecoin community was surprised by Musk’s decision to incorporate the DOGE symbol as the new Twitter logo. The move sparked fresh enthusiasm in the meme coin community. Moreover, Dogecoin surpassed Polygon (MATIC) market cap and now is about to decouple Cardano (ADA) if the momentum holds in the coming days.
— Elon Musk (@elonmusk) April 3, 2023
Musk had previously promised to change Twitter’s logo to a Doge-themed image in a conversation with WallStreetBets chairman, the group that led the 2021 short squeeze on GameStop Corp Cl A (NYSE: GME) shares.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Following the recent event, Dogecoin whales were observed to have increased 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, things were not all rosy for the Tesla market on Monday. According to market data provided by MarketWatch, Tesla shares dropped approximately 6.12 percent to close the day trading at around $193.30. Nevertheless, the decline in Tesla shares does not have a direct correlation with Dogecoin’s price pump on Monday.
In other headlines, Musk’s lawyers asked a United States judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. While Musk has won similar cases before, his lawyers are confident the court will throw away the ongoing lawsuit
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
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