After Twitter adopted a doge logo for its homepage, rumors of crypto integration emerged, causing dogecoin to surge to a 17-week high.

Dogecoin flips Cardano for seventh ranking after Twitter replaced its homepage logo with a doge.

Dogecoin soars on Twitter logo replacement

On March 3, Twitter added a doge to its load screen and used the well-known image to replace its blue bird homepage logo.

The following buying frenzy began at 18:30 (BST) as depicted in the chart below, resulting in a 24% rise in the 30-minute candle. The coin reached a 17-week high of $0.1047 thanks to momentum.

Profit-taking following a dip to $0.0891 at the local top. Despite this, the move was sufficient to surpass Cardano as the seventh-largest cryptocurrency in terms of market capitalization.

The move from peak to trough increased the market cap of Dogecoin by $3.4 billion. DOGE has managed to keep most of the gains despite the subsequent drop in price. Cardano’s $13.58 billion valuation is slightly lower than its current market cap of $13.65 billion.

Dogecoin leads the 24-hour gainers despite a generally flat market, gaining 25% over the course of the period. With gains of 8% over the same time period, Injective (INJ) comes in second.

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Critics blast the move

Rumors of a cryptocurrency integration circulated following Elon Musk’s purchase of Twitter in October 2022. However, the social media powerhouse dispelled the rumors by January.

Twitter stated that it was looking into ways to incorporate digital payments, including acquiring the necessary licensing from regulatory authorities, and that crypto functionality might come later.

It’s not clear if Monday’s stunt means that crypto integration is coming. Musk has responded to the move with a number of tweets, one of which features a meme about the blue bird being “an old photo.”

However, on the surface, it appears that the conversation with @WSBChairman, who made the change, was the driving force behind the move.

Referring to past altercations Musk has had with controllers, as well as the ongoing Activity Chokepoint 2.0 circumstance, Ivan on Tech snidely approached the SEC to make a move.

Brad Mills, on the other hand, took a more serious stance and criticized Musk for advocating “degenerate get-rich-quick crap” over Bitcoin.