The price of cryptocurrency Dogecoin (DOGE) has increased by 27 per cent since April 3, 2023 and touched an intraday high of $0.1026.
The price of Dogecoin spiked after Twitter CEO Elon Musk made the DOGE avatar into the new Twitter logo around 10.55 pm IST on April 3, 2023. Previously, Musk has expressed support for DOGE.
DOGE Prices
In the two hours following the change of the Twitter logo, DOGE’s price jumped from $0.076 to $0.101. Since then, the price has been highly volatile, falling to an intraday low of $0.090 at 2.45 am IST today.
As of 1 pm today, DOGE is trading at $0.099. This intraday high marks the highest DOGE has reached in the last three months, although it is lower than the $0.1725 recorded on April 6, 2022. As with almost all cryptos, the above mentioned prices are far from the all-time high recorded by DOGE in 2021.
During the last 24 hours, DOGE, the top meme coin by market capitalisation has also experienced a 544 per cent increase in trading volume. Dogecoin’s market capitalisation is up by 25.93 per cent to $13.68 billion.
The company has beaten Polygon (MATIC) in market capitalisation and will soon overtake Cardano (ADA), if this momentum continues.
Meme Coin & Twitter’s New Logo
In 2013, the Dogecoin cryptocurrency was created as a joke to mock other cryptocurrencies, such as Bitcoin, with the image of Shiba Inu as its logo. Known for its adorable fox-like face, the Shiba Inu is a hunting dog breed from Japan.
One month ago, Musk posted photos of his pet dog, Floki, posing as the ‘new CEO of Twitter’. The fact that Floki is of the Shiba Inu breed caused DOGE prices to rise.
“Throughout 2021, Musk promoted the cryptocurrency with slogans such as “Dogecoin is the people’s crypto,” and proclaimed himself to be the “Dogefather”, CoinTelegraph reported.
As Dogecoin’s popularity is most probably at its peak, it is questionable if investing in crypto that relies solely on popularity is a good idea.
Meme coins are generally considered high-risk investments. DOGE does not derive value from another asset, unlike Stablecoins, and nor does it add value to any financial system.
Meanwhile, on Friday, Musk’s lawyers asked a US court to dismiss a $258 billion racketeering lawsuit that alleged he operated a pyramid scheme in support of Dogecoin.
“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. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint,” the lawyers of Elon Musk said.
