The cryptocurrency market may be relatively quiet today, but one cryptocurrency has been making waves: Dogecoin DOGE/USD.
What Happened: At the time of writing, Dogecoin experienced a surge of over 7% in the past 24 hours, trading at $0.080, outperforming other popular tokens such as Shiba Inu SHIB/USD and Pepe Coin PEPE/USD that saw 1.12 and 2% gains respectively since the last day.
In fact, over the past week, DOGE has seen an 18% increase, making it one of the best-performing coins in recent days.
What Triggered This Sudden Surge? Twitter boss and the world’s richest man, Elon Musk, had a role to play in it.
Musk on Tuesday tweeted a promotion of Twitter’s new logo, originally shared by a Dogecoin designer.
Interestingly, Musk has also added the Dogecoin symbol to the location field in his Twitter bio. Crypto enthusiasts were quick to connect the dots, interpreting the “X” in the logo as a reference to Twitter’s rebranding and the “D” as a nod to Dogecoin.
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Why It Matters: Given Musk’s history of publicly supporting Dogecoin, this small adjustment to his Twitter profile has sparked speculation about his intentions regarding the meme-inspired digital asset.
It is worth noting that Dogecoin, originally created in 2013 as a joke by an engineer duo, now holds the position of the seventh largest digital asset, boasting a market capitalization of $11.2 billion.
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