A recent analysis of Google search data has found that searches for the meme-inspired cryptocurrency Dogecoin ($DOGE) exploded nearly 2,000% in the past seven days after Twitter switched its logo to DOGE’s Shiba Inu, which led to a surge in buying interest.
According to an analysis conducted by online casino guide 6Takarakuji, searches for “buy Doge” and “buy Dogecoin” skyrocketed 1,044% and 253%, respectively, while searches for rival meme-inspired cryptocurrency Shiba Inu ($SHIB) also moved up 132% on Twitter’s logo change.
As a result of this sudden surge in interest, Dogecoin’s price has jumped more than 30% and is now ranked as the seventh most valuable cryptocurrency by market capitalization, surpassing smart contract platform Cardano ($ADA).
At the time of writing, Dogecoin has a market capitalization of $14.05 billion after seeing its price rise more than 40% over the past week, while Cardano has a market capitalization of $13.85 billion, after rising 13.2% over the same period.
Twitter’s move changes its icon on the platform to the social media giant’s estimated 360 million monthly active users, as well as other users visiting the platform. Shortly after making the change, Musk tweeted a meme implying the change isn’t going to be brief.
The change also comes shortly after Musk asked a United States judge to dismiss a $258 billion lawsuit accusing him of running a pyramid scheme to support the meme-inspired cryptocurrency Dogecoin.
In a court filing, Musk’s lawyers have described the entrepreneur’s tweets about the cryptocurrency as “innocuous and often silly tweets.” Musk’s electric car maker Tesla started accepting DOGE payments for some merchandise in late 2021, and has BTC on its balance sheet.
Some Twitter users were notably 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 surging, showing users were looking to understand what is going on at the microblogging platform.
Data from CryptoCompare shows that the trading volume for the meme-inspired cryptocurrency DOGE also skyrocketed after Twitter’s logo change, as a trading frenzy ensued.
As CryptoGlobe reported, tens of billions of DOGE tokens are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $4.5 billion.
Featured image via Unsplash.