Dogecoin, the popular meme-based cryptocurrency, received a significant boost on Monday after Twitter (NYSE: TWTR) CEO Elon Musk changed the social media platform’s image from the traditional blue bird to the renowned “Doge” meme. The unexpected move sparked speculation and excitement among cryptocurrency enthusiasts, driving Dogecoin’s value up by more than 16%.
By 3:00 p.m. Dogecoin had reached a quote of $0.091 per unit, although it momentarily touched a high of $0.104, its best intraday level since November 29, 2022, when it reached $0.105. The market appeared to react positively to Musk’s latest endorsement of his favorite cryptocurrency, which has a history of impacting its value.
While some believe that the Twitter logo change is merely a playful nod to Dogecoin, others anticipate that it could be a hint at a new platform feature related to the cryptocurrency. Such speculation has added fuel to the fire, driving the digital coin’s value even higher.
The surge in Dogecoin’s value made it the best performer among major cryptocurrencies by market capitalization on Monday, boasting a market cap of $12.76 billion. In contrast, Bitcoin experienced a 2% decline, trading at $27,448, while Ethereum slipped 0.65% to settle at $1,778.
The total cryptocurrency market is valued at $1.17 trillion, according to data from CoinMarketCap. As the market responds to Elon Musk’s latest move, it remains to be seen whether this newfound enthusiasm for Dogecoin will have a lasting impact or if it’s just another fleeting moment in the volatile world of cryptocurrencies. Regardless, Dogecoin’s impressive performance on Monday has undoubtedly captured the attention of investors and enthusiasts alike.