Dogecoin (Doge) price gained as much as 30 percent on Monday to reach an intraday high of around $0.1026. The top meme coin by market capitalization has also recorded a spike in its daily traded volume. According to the latest crypto market, Dogecoin’s price exchanged around $0.97, up approximately 25 percent in the past 24 hours.
Additionally, Dogecoin dethroned Polygon (MATIC) in market capitalization and is now about to overtake Cardano (ADA) if the momentum holds in the coming days.
Notably, Dogecoin’s daily traded volume is up approximately 458 percent to stand at about $4,156,530,870 during the early Asian market on Tuesday. As a result, Dogecoin’s market capitalization is up about 25 percent to stand at around $13 billion.
Dogecoin Lands Twitter Logo
The spike in Dogecoin’s metrics on Monday is directly attributed to the announcement by tech billionaire Elon Musk that the DOGE avatar will be the new Twitter logo. Previously, Musk had named FLOKI as the new Twitter CEO, thus making the social media headed by top meme coins.
Notably, the move to have Dogecoin’s avatar on Twitter came after Musk promised WallStreetBets (@WSBChairman) to change the bird logo to a Doge one earlier last year. In his words, Musk is quoted stating that the most entertaining outcome is the most likely.
Meanwhile, Musk’s lawyers asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support 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,” Musk’s lawyers said.
