In a surprising turn of events, the original meme coin Dogecoin (DOGE) has overtaken Cardano (ADA) in terms of market capitalization.
Investors are flocking to acquire DOGE in the hopes of its greater integration on Twitter, which recently rebranded itself as the “everything app” X on July 24.
As per CoinGecko data, Dogecoin has outpaced Cardano, becoming the best-performing coin among the top 10 cryptocurrencies.
At the time of writing, DOGE witnessed a 2.5% surge in the past 24 hours, reaching a trading value of $0.0789. Over the last seven days, DOGE recorded an impressive growth of 13.8%, solidifying its position as the preferred choice for investors.
On the other hand, Cardano (ADA) experienced a decline of 4.5% in the past week, leading to its market capitalization slipping below Dogecoin’s. The sudden shift in market dynamics indicates a notable shift in investor sentiment and trust.
Twitter’s recent rebranding as “everything app” X sparked intrigue and speculation in the cryptocurrency community. In particular, cryptic tweets from Twitter owner Elon Musk ignited the DOGE upsurge.
Musk tweeted a promotional video of Twitter’s new logo, initially shared by a Dogecoin designer, creating excitement among investors.
Additionally, he included the Dogecoin ticker logo in the location field of his Twitter bio, further fueling optimism for DOGE’s potential role on the platform.