Dogecoin Searches Skyrocket 2,000% Following Twitter’s Logo Change
In the last seven days, searches for Dogecoin have surged almost 2,000% following Twitter’s decision to change its logo to the famous Shiba Inu dog meme, according to a recent analysis. This has led to a significant increase in the number of purchases made for the popular cryptocurrency.
The analysis, conducted by 6Takarakuji, found that searches for “buy Doge” and “buy Dogecoin” increased by 1,044% and 253%, respectively, while searches for Shiba Inu ($SHIB) also rose by 132%.
As a result of this sudden surge in interest, the price of Dogecoin has increased by over 30%, making it the seventh most valuable cryptocurrency by market capitalization, surpassing the smart contract platform Cardano ($ADA).
Additionally, the report revealed that Google searches for ‘Twitter’ have surged in the past week, increasing by 38%, as users took note of the change. Based on Google Trends data, almost 72% of the most popular searches for Twitter in the last seven days are linked to the new logo, generating excitement among online users.
At the time of writing, Dogecoin has a market capitalization of $14.05 billion after its price increased by over 40% in the past week, while Cardano has a market capitalization of $13.85 billion, after rising by 13.2% over the same period. This change also occurred shortly after Elon Musk requested a US judge to dismiss a $258 billion lawsuit alleging that he was involved in a pyramid scheme to support Dogecoin.
In the court filing, Musk’s lawyers described his tweets about cryptocurrency as “unrewarding and often silly.” The electric car manufacturer Tesla began accepting DOGE payments for some goods at the end of 2021 and has BTC on its balance sheet.
— Elon Musk (@elonmusk) April 3, 2023
Some Twitter users were particularly confused by Musk’s DOGE logo change, with searches for “why is there a dog on Twitter,” “Twitter dog logo,” and “Twitter logo change” also increasing significantly, indicating that users are eager to understand what is happening.
This recent surge in interest in Dogecoin and other cryptocurrencies underscores the growing popularity of digital assets and the role that social media influencers like Elon Musk play in driving market sentiment. However, it is important to note that cryptocurrencies are a highly volatile investment, and investors should exercise caution before investing.
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