Relevance: The increase in the key metrics of DOGE was mainly triggered by the rising interest of the investors in the token as Elon Musk, being famous for his support for Dogecoin, rebranded Twitter as X. The move caused a positive perception in traders towards DOGE, paving the way for a sudden jump in trading volumes. The token also previously saw a jump in price when Elon Musk bought Twitter with a nearly $44B deal, when Twitter appointed Linda Yaccarino as its new CEO, after it was discovered she follows several DOGE-related accounts on the platform, and once Musk briefly shifted the Twitter logo to the DOGE symbol. The positive expectations mainly stemmed from the claims that Twitter was preparing to integrate DOGE under the management of Elon Musk. Brands that should care: With the rising trading volumes in DOGE, the leading crypto exchanges, such as Binance, Coinbase, Kraken, Gemini, and OKX, are expected to see a strong Dogecoin inflow as investors would increasingly tend to buy new tokens and hold their assets in DOGE. |
What the numbers say: Dogecoin (DOGE) has become the seventh-largest cryptocurrency by market cap, overtaking Cardano's (ADA) spot on the ranking. The token's market cap surpassed the $10.9B level, while ADA's stands at $10.64B. The popular cryptocurrency also saw an increase in its price and trading volume, though it is still nearly 90% below its all-time high in May 2021.