OG meme coin Dogecoin has overtaken Cardano in terms of market capitalization as investors scoop up DOGE in hopes of the token playing a bigger role on Twitter, which rebranded as “everything app” X on July 24.
At the time of publication, DOGE was up around 2.5% in the past 24 hours, according to data from CoinGecko, changing hands for $0.0789. And in the past week, it’s up 13.8%, making it the best-performing coin among the top 10 cryptocurrencies. Cardano (ADA), on the other hand, has lost 4.5% over the last seven days, with its market cap falling below Dogecoin’s.
Cryptic tweets from Twitter owner Elon Musk fueled the Dogecoin upsurge. On Tuesday, Musk tweeted a promo of the social media giant’s new logo — which was originally shared by a Dogecoin designer — and also added the Dogecoin ticker logo to the location field in his Twitter bio.
Musk adding Dogecoin’s symbol to his bio reignited rumours DOGE may soon be used for payments on X, given the eccentric billionaire’s infatuation with the meme coin.
Such speculations aren’t completely unfounded. Last April, Musk hinted at making dogecoin a payment mechanism for Twitter Blue, the site’s subscription service with premium features. His EV maker Tesla already accepts DOGE payments for merch purchases. Musk also teased Dogecoin payments for his other enterprises, SpaceX and Starlink.
If Dogecoin is indeed integrated into X’s payment infrastructure, the cryptocurrency could see a bull breather and possibly surge to new record highs.
But Musk’s fondness for Dogecoin has attracted some negative attention. In June last year, a group of beleaguered Dogecoin investors lodged a $258 billion class action suit against Musk, Tesla, and SpaceX. The complaint accuses the self-proclaimed Dogefather of operating a pyramid scheme to pump Dogecoin’s price “more than 36,000% over two years and then letting it crash”.
Musk’s lawyers have requested a United States judge to dismiss the lawsuit, arguing that it’s a “fanciful work of fiction”.